S&P cuts IronGate Energy to D

S&P said it lowered its corporate credit and issue-level ratings on IronGate Energy Services LLC to D from CC.

The recovery rating on the senior secured debt remains 4, indicating an expectation of average (30%-50%, lower end of the range) recovery in the event of a payment default.

"The downgrade reflects the expiration of the most recent series of forbearance agreements on Oct. 31, 2016, related to the company's decision to defer its semiannual interest payment due July 1, 2016, on its $210 million 11% senior secured notes," S&P credit analyst Aaron McLean said in a news release.

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