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S&P upgrades Sable Permian
S&P said it raised the corporate credit rating on Sable Permian Resources LLC to CCC+ from CCC.
The agency also said it raised the rating on the company's first-lien secured notes to B from D.
The recovery rating remains at 1, indicating 90% to 100% expected default recovery.
S&P also said it raised the rating on the company's second-lien secured debt, unsecured debt and junior subordinated notes, which are held at the parent company level, to CCC- from D.
The recovery rating remains at 6, indicating 0 to 10% expected default recovery.
The outlook is negative.
The upgrades reflect a reassessment of Sable's leverage, which is now expected to improve into 2018, S&P said.
The negative outlook reflects an expectation that the company's leverage will remain at unsustainable levels in 2017 and into 2018 under the current production, price and cost assumptions, the agency said.
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