S&P might lower Seven Energy

Standard & Poor's said it placed its B- long-term corporate credit rating on Nigeria-based Seven Energy International Ltd. on CreditWatch with negative implications.

The CreditWatch placement relates to the deterioration of Seven Energy's liquidity position.

Specifically, in the agency’s view, Seven Energy will have only marginal headroom under financial covenants in the future quarters of 2015, and there is a risk that debt maturities and capital spending commitments (together totaling about $280 million for full-year 2015) might require additional funding in the context of lower operating cash flows.

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