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Prospect News home > News index > List of issuers S > Headlines for Sheridan Production Partners I-A, LP > News item |
S&P ups Sheridan Fund I to CCC-
Standard & Poor's raised its long-term issuer credit ratings on Sheridan Production Partners I-A, Sheridan Investment Partners I and Sheridan Production Partners I-M (collectively Sheridan Fund I) to CCC- from SD. The outlook is negative.
At the same time, S&P affirmed its issue ratings on the term loans at D.
The ratings on the revolving credit facilities remain at CCC+ and continue to be on CreditWatch with negative implications.
“The upgrade reflects our updated view following Sheridan Fund I's below-market prepayments,” said S&P credit analyst Trevor Martin in a news release.
On February 2, S&P downgraded the fund to SD as a result of the transactions. Although the fund is still out of compliance with its asset coverage ratio (it has six months from the reassessment of the borrowing base to regain compliance), the prepayment brought the company within $25 million of the required $1 billion.
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