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S&P downgrades LTR Holdco
Standard & Poor’s said it lowered the corporate credit rating on LTR Holdco Inc. to B- from B.
The agency also said it lowered the ratings on the company’s senior notes to B- from B. The recovery rating on the notes is 3, indicating 50% to 70% expected default recovery.
The outlook is stable.
The downgrades reflect the company’s increased leverage, S&P said.
Utilization and pricing for the company’s equipment and services declined in the first nine months of 2015 due to the significant drop in crude oil and natural gas prices and the decline in drilling activity, the agency said.
Market conditions are expected to be weak in 2016, S&P added.
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