On August 28, 2017, S&P Global Ratings lowered its long-term corporate credit rating on MIE Holdings Corporation to SD from CC and its senior unsecured notes rating to D from CC. According to S&P Global, the ratings were lowered because MIE completed an exchange offer for its senior unsecured notes due 2018 and 2019. The Company repurchased at a discount US$18.3 million of the 2018 notes and US$160.1 million of the 2019 notes. S&P viewed the transaction as a distressed exchange because investors received less than promised for the original securities.
On August 29, 2017, S&P Global Ratings raised its corporate credit rating on MIE Holdings Corporation to CCC- from SD and its senior unsecured notes rating to CCC- from D. According to S&P Global, this follows the completion of an exchange offer to holders of the Company’s 2018 and 2019 notes. Read more on distressed companies.