| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers U > Headlines for Ultra Petroleum Corp. > News item |
S&P lowers Ultra Petroleum
S&P said it lowered its corporate credit rating on Ultra Petroleum Corp. to B from B+.
The outlook is negative.
At the same time, the agency lowered the issue-level rating on the company's senior secured term loan to BB- from BB. The recovery rating remains 1, indicating an expectation of very high (90% to 100%; rounded estimate: 95%) recovery in the event of a payment default.
S&P also lowered the issue-level rating on the company's senior unsecured notes to B from B+. The recovery rating is 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery.
“The downgrade reflects our assessment that Ultra's lower natural gas price realizations and a deferred asset sale will result in lower cash flow and weaker leverage than we previously projected,” the agency 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.