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Prospect News home > News index > List of issuers S > Headlines for Sable Permian Resources Finance LLC > News item
Published on 4/13/2020 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

Fitch cuts Sable Permian Resources

Fitch Ratings said it downgraded Sable Permian Resources Finance, LLC’s long-term issuer default rating to C from CCC+ and its secured bonds due 2024 to C/RR4 from CCC+/RR4. Fitch also downgraded Sable Land Co., LLC’s IDR to CCC- from B- and its senior secured revolver to B-/RR1 from BB-/RR1. All of the ratings have been withdrawn.

“Sable’s downgrade reflects the company’s missed coupon payment. The payment was due on April 1 on its 12% senior secured notes due 2024. The company has now entered the 30-day grace period on the bonds,” said Fitch in a press release.


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