On March 9, 2017, S&P Global Ratings lowered its long-term corporate credit rating on Millar Western Forest Products Ltd. to CC from B- and its senior unsecured notes to CC from B-. “The downgrade and CreditWatch placement reflect our view of the proposed exchange offering as a distressed exchange,” said S&P Global Ratings credit analyst Alessio Di Francesco. In the proposed exchange, the Company’s 8.5% senior unsecured notes due 2021 would be exchanged partially for 9.0% new senior secured notes due 2022. S&P views the tender for the 2021 notes as stressed because participating noteholders will receive less than the original amount promised. S&P expects the exchange transaction will be completed by April 28, 2017. Read more on distressed companies.