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S&P trims Teekay 8½% notes
S&P said it lowered its issue-level rating on Teekay Corp.’s senior unsecured 8½% notes due in January to B- from B+ and revised its recovery rating on the notes to 6 from 4. The 6 recovery rating reflects S&P’s estimate for negligible (0%-10%; rounded estimate: 0%) recovery in its simulated default scenario.
The agency left the B+ rating and 3 recovery rating on Teekay’s 9¼% notes unchanged. The 3 recovery rating reflects an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in S&P’s default scenario.
The outlook is stable.
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