S&P cuts Songa Offshore to D

Standard & Poor's said it lowered its long-term corporate credit rating on Songa Offshore SE to D from CC.

The downgrade follows Songa's implementation of an extensive debt restructuring in line with its previously announced plans, and following all of the necessary formal approvals from its stakeholders.

S&P said it understands that amendments have now been made to Songa's existing bank and bond debt to reduce debt amortization payments and interest rates and extend maturity dates. These amendments are now in effect.

S&P views this restructuring as a distressed exchange, which constitutes an event of default under S&P's criteria.

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