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S&P ups Comstock; rates notes CCC+, convertibles CCC-
S&P said it raised its corporate credit rating on Comstock Resources Inc. to CCC+ from SD (selective default).
The outlook is negative.
At the same time, the agency assigned a CCC+ issue-level rating to the company's new 10% first-lien secured toggle notes. The recovery rating is 3, reflecting an expectation for meaningful (50% to 70%, upper half of the range) recovery in the event of default.
S&P also assigned a CCC- issue-level rating to the company's new 7.75% and 9.5% second-lien convertible payment-in-kind notes. The recovery rating is 6, reflecting an expectation for negligible (0% to 10% recovery) in the event of default.
In addition, the agency upgraded its issue-level rating on the company's remaining outstanding 10% senior secured notes to CCC- from D. The recovery rating was revised to 6, reflecting expectations of negligible (0% to 10% recovery) in the event of default, from 2.
Finally, S&P raised its issue-level ratings on the company's 7¾% and 9½% senior unsecured notes to CCC- from D. The recovery rating remains 6.
"The rating actions on Comstock are in conjunction with the Sept. 6, 2016, close of their comprehensive debt exchange and our assessment of the company's revised capital structure and credit profile," S&P credit analyst Aaron McLean said in a news release.
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