S&P cuts Borger notes' outlook to negative

Standard & Poor's said it changed the outlook to negative from stable on its BB- rating on Borger Energy's $117 million of senior secured notes due Dec. 31, 2022.

The recovery rating is 4, indicating that lenders can expect an average recovery of their principal in a default scenario, the agency noted.

"The negative outlook reflects expectations of increased volatility of cash flows due to the increasingly likelihood that Borger will need to refurbish its turbine rotors at significant cost," said credit analyst Trevor DOlier-Lees.

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