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S&P cuts Vantage Drilling, loan, notes to D
Standard & Poor's said it lowered the corporate credit rating on Vantage Drilling Co. to D from CCC and the issue-level ratings on its senior secured term loan and secured notes to D from CCC.
The recovery rating on the secured debt remains 3, indicating an estimate of meaningful (50% to 70%, higher end of the range) recovery in the event of a payment default.
S&P said the D ratings reflect Vantage Drilling's announcement that it missed a $40.8 million interest payment on its 7˝% secured notes due 2019, and the agency’s belief that the company will not make this payment before the grace period ends on Dec 2, 2015.
The agency believes that the default will be a general default and the company will fail to pay all or substantially all of its obligations as they come due.
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