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S&P raises American Energy-Permian Basin, rates notes CCC+
S&P said it raised the rating on American Energy-Permian Basin LLC to CCC+ from D and assigned a CCC+ rating to new $708 million senior secured notes due 2024. The 4 recovery rating reflects S&P’s expectation for meaningful (30%-50%; rounded estimate: 45%) recovery in the event of a payment default.
“The upgrade reflects a reassessment of our issuer credit rating on AEPB following the company’s completion of its out-of-court debt restructuring, which lowered debt levels by $1.4 billion. Nevertheless, we continue to view debt leverage as elevated for the Permian entity,” said S&P in a press release.
The outlook is negative.
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