S&P trims MIE Holdings

S&P said it lowered its long-term corporate credit rating on MIE Holdings Corp. to SD from CC and lowered the issue rating on the company's outstanding senior unsecured notes to D from CC. MIE is a China-based oil and gas producer.

S&P said it lowered the ratings because MIE has completed an exchange offer for its senior unsecured notes due 2018 and 2019. The company repurchased at a discount US$18.3 million of the 2018 notes and US$160.1 million of the 2019 notes.

“We view the transaction as a distressed exchange because investors received less than that promised for the original securities,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.