S&P cuts Altera Infrastructure

S&P said it downgraded Altera Infrastructure LP to B from B+ and the rating on its senior unsecured notes to B- from B. The recovery rating is unchanged at 5 and indicate a modest (10%-30%, rounded estimate: 15%) recovery in the event of a payment default.

The agency said the current depressed commodity prices will exert added pressure on Altera’s recontracting process for its floating production storage and off-loading segment as its long-term contracts begin rolling off over the next three years.

The outlook is negative.

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