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S&P lowers Whiting Petroleum
S&P said it downgraded Whiting Petroleum Corp. to BB- from BB and cut the company’s senior secured debt rating to BB+ from BBB.
The recovery rating remains 1, indicating S&P’s estimate of a very high (90%-100%; rounded estimate: 95%) recovery of principal in the event of a payment default.
S&P cited “disappointing operational and financial results” for the downgrade and trimmed its estimates for the remainder of the year and 2020.
The agency also lowered its issue-level rating on Whiting’s senior unsecured debt to BB- from BB. The recovery rating remains 4, indicating S&P’s estimate of an average (30%-50%: rounded estimate: 30%) recovery of principal in the event of a payment default.
The outlook is stable.
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