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S&P downgrades Ultra Petroleum
S&P said it lowered the issuer credit rating on Ultra Petroleum Corp. to SD (selective default) from CC.
The agency also said it lowered the rating on the 2022 and 2025 senior unsecured notes to D from CC as a portion of these notes were exchanged.
S&P said it revised the recovery rating to 6, indicating 0 to 10% expected default recovery, from 3.
The downgrades follow the close of Ultra Petroleum's previously announced exchange agreement involving its 6 7/8% notes due 2022 and 7 1/8% notes due 2025.
S&P said it views the exchange as a selective default because investors received less value than the original principal amount outstanding on the securities.
The revision of the recovery rating to 6 reflects the increase in priority debt ahead of the unsecured notes, the agency said.
S&P said it expects to reassess the issuer credit and senior unsecured issue ratings in the near term.
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