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S&P lowers several oil and gas companies
Standard & Poor’s said it took various rating actions on seven high-yield oil and gas producers as part of a review of the sector.
S&P said it lowered the rating on EnQuest plc to B- from B and assigned a negative outlook. The agency also said it lowered the rating on EnQuest’s senior unsecured notes to CCC+, one notch below the corporate credit rating. The recovery rating remains at 5.
The agency also said it lowered the rating on Ithaca Energy Inc. to B- from B and assigned a stable outlook. S&P also lowered the rating on the senior unsecured notes to CCC, two notches below the corporate credit rating. The recovery rating remains at 6.
S&P also said it lowered the ratings on Nostrum Oil and Gas plc to B from B+ and assigned a stable outlook. The agency also said it lowered the rating on the senior unsecured notes to B, in line with the corporate credit rating.
The agency also said it lowered the ratings on Tullow Oil to B from B+ and placed them on CreditWatch with negative implications. S&P also lowered the rating on Tullow Oil’s senior unsecured debt to B- and placed it on CreditWatch negative.
S&P also said it placed the B+ rating on Bayerngas Norge AS on CreditWatch with negative implications.
The agency also said it revised the outlook on Seven Energy International Ltd. to negative from stable and affirmed the B- ratings.
S&P said it revised the outlook on Kuwait Energy plc to negative from stable and affirmed the B- ratings.
A review of the sector follows the recent revision of the oil- and gas-price assumptions, reflecting meaningful decline in futures curves driven by ongoing oversupply that will largely persist.
S&P also noted the continuing global reset of production and development costs at lower levels.
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