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S&P lowers Rex Energy
Standard & Poor’s said it lowered its corporate credit rating on Rex Energy Corp. to SD from CC.
S&P also lowered the issue-level rating on the company’s senior unsecured notes to D from C. The recovery rating is 5, indicating an expectation of modest (10% to 30%, high end of the range) recovery in the event of a default.
“The downgrade follows Rex’s announcement that it has closed an exchange offer to existing holders of its 8 7/8% and 6¼% senior unsecured notes for a new issue of 8% senior secured second-lien notes due 2020 (not rated) and shares of common equity,” said S&P credit analyst Aaron McLean in a news release.
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