S&P cuts Vesta Energy

S&P said it lowered its ratings for Vesta Energy Corp. and its unsecured notes to CCC+ from B-. The 4 recovery rating on the C$220 million unsecured notes due March 2023 is unchanged.

“The downgrade primarily reflects our materially reduced cash flow forecasts and weakened leverage metrics due to the collapse in crude oil prices and potential for constrained liquidity,” said S&P in a press release.

The outlook is negative.

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