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S&P lifts Chesapeake Energy to CCC
S&P said it raised the corporate credit rating on Chesapeake Energy Corp. to CCC from SD.
The outlook is negative.
The issue-level and recovery ratings on the company's debt are unchanged.
"We raised the corporate credit rating on Chesapeake to reflect our reassessment of its credit profile following the exchange of its 7¼%% senior notes due 2018, floating-rate senior notes due 2019, 5 3/8% senior notes due 2021, 6 1/8% senior notes due 2021, 4 7/8% senior notes due 2022, and 2.25% contingent convertible senior notes due 2038 and putable in 2018," S&P credit analyst Paul Harvey said in a news release.
"The rating reflects our expectation that debt leverage will remain at what we consider unsustainable levels over the next 24 months and that liquidity will remain challenged as Chesapeake faces a very heavy maturity and put schedule that could significantly weaken current liquidity levels."
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