Advertisement

Fieldwood Energy Ratings Lowered

Advertisement

On January 3, 2018, S&P Global Ratings lowered its corporate credit rating on Fieldwood Energy LLC to D from CCC, its first-lien term and first-lien last-out term loans to D from B- and its second-lien term loan to D from CCC-. According to S&P Global, the downgrade reflects Fieldwood Energy’s decision to skip the interest payments on its first-lien last-out term and second-lien term loans and enter into forbearance agreements with certain lenders. Despite its ongoing negotiations with creditors, S&P doesn’t expect the Company will make the interest payments and believes a restructuring or a general default is the most likely outcome. Read more on distressed companies.