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S&P downgrades Hunt Oil
S&P said it lowered the corporate credit rating on Hunt Oil Co. to BB- from BB+.
The outlook is negative.
The downgrades reflect a view that Hunt’s credit measures will remain at less than expectations for the BB+ rating, primarily due to the interruption of shipments from Yemen LNG and because of low oil prices, S&P said.
The negative outlook reflects the risk that delays or disruption in resumption of shipments could delay distributions from the project into late 2017, the agency said.
The ratings also reflect the company’s satisfactory business risk, aggressive financial risk and strong liquidity, S&P said.
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