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Prospect News home > News index > List of issuers E > Headlines for Exterran Holdings Inc. > News item |
S&P lowers Exterran notes
Standard & Poor’s said it lowered the rating on the Exterran Holdings Inc.’s 7¼% senior unsecured notes due December 2018 to BB- from BB and removed it from CreditWatch negative, where it was placed in January.
The agency also said it revised the recovery rating on the notes to 3 from 2.
The outlook is stable.
The downgrades follow the company’s redemption of its 4¼% convertible notes, which makes the 7¼% unsecured notes the most junior debt in the current capital structure.
S&P also said it revised the recovery ratings on the senior unsecured notes to 3 from 2, indicating 50% to 70% expected default recovery.
The ratings reflect Exterran’s weak business profile, significant financial profile and strong liquidity, the agency said.
The company is exposed to natural gas price volatility and participates in the highly competitive and cyclical oil and natural gas industry, S&P added.
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