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S&P cuts MXEnergy
Standard & Poor's said it lowered the long-term corporate credit rating on MXEnergy Holdings Inc.'s to CC from CCC+ and its senior unsecured notes due 2011 to C from CCC-. The recovery rating on MXEnergy's notes is unchanged at 6. Ratings remain on CreditWatch with negative implications.
"The rating actions follow the company's announcement of a cash tender offer to purchase any of the company's $165 million of floating-rate notes due 2011," S&P analyst William Ferara said in a statement.
The agency said it considers the offer to be a distressed exchange and constitutes a default, the agency said.
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