S&P rates Ultra Resources DIP facility BB+

S&P said it assigned its point-in-time BB+ issue-level rating to Ultra Resources Inc.’s $25 million debtor-in-possession facility.

“Our BB+ DIP rating on the new money super-priority DIP loan primarily reflects our view of the credit risk borne by the DIP lenders and is not indicative of any ratings that we may assign to exit facilities or the reorganized firm after bankruptcy,” S&P said in a press release.

The agency said it would not review, modify or provide ongoing surveillance of the rating.

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