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S&P corrects, ups Teine Energy notes
S&P said it corrected by revising its issue-level rating on Teine Energy Ltd.'s senior unsecured notes to B+ from B and its recovery rating on the notes to 2 from 4.
The recovery rating indicates an expectation of substantial (70%-90%; rounded estimate capped at 85%) recovery in a hypothetical default scenario.
“In our most recent review on Sept. 26, 2017, we incorrectly used the after-tax PV-10 valuation in our recovery analysis resulting in a recovery rating of 4 and consequently, an issue-level rating of B,” the agency said in a news release.
“Had we used the before-tax PV-10, the recovery rating would have been 2 and the issue-level rating B+.”
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