S&P trims Hunt Oil

S&P said it downgraded Hunt Oil Co. to B+ from BB- and placed the rating on CreditWatch with negative implications.

“The downgrade and CreditWatch placement reflect the weakening of Hunt's liquidity position, in our view, as the refinancing process of its $1.75 billion unsecured revolving credit facility due July 2020 is still pending. At the end of June 2019, $560 million was drawn under this facility,” S&P said in a news release.

“Since the beginning of 2018, Hunt has implemented several measures to simplify its capital structure, including establishing stand-alone financing for its Peru and U.S. refining entities. The company is engaged in active discussions with its bank group regarding the refinancing of its credit facility.”

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