DBRS cuts Southern Pacific

DBRS said it has downgraded the ratings of Southern Pacific Resource Corp., including the issuer rating to CCC from B (low) and the senior secured second-lien notes to CCC (low) from B (low).

DBRS said it has also changed the recovery rating of the notes to RR5 from RR4.

In addition, all ratings have been placed under review with negative implications.

These rating actions reflect the material change in Southern Pacific's business risk profile following continued disappointing production results and the limited liquidity available to support operations.

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