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S&P lowers Chaparral Energy
Standard & Poor’s said it lowered the corporate credit ratings on Chaparral Energy Inc. to D from CCC-.
The agency also said it lowered the rating on the company’s unsecured debt to D from CC. The recovery rating on the unsecured debt remains at 5, indicating 10% to 30% expected default recovery.
The D rating reflects news that Chaparral Energy has elected not to make the interest payment on its 8¼% senior notes due 2021 and a belief that the company will not make this payment before the 30-day grace period ends.
The company will likely reorganize under Ch. 11, S&P said.
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