Fitch downgrades Unit Corp.

Fitch Ratings said it downgraded Unit Corp. to D from CC. Fitch affirmed the senior secured revolver affirmed at CCC+/RR1 but cut the senior subordinated notes to C/RR6 from CC/RR4. The agency removed the rating watch negative.

“The downgrade reflects Unit's announcement that it has signed a restructuring support agreement (RSA) and voluntarily filed for reorganization under Chapter 11 plan of the U.S. Bankruptcy Code on May 22, 2020,” Fitch said in a press release.

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