S&P lowers Triangle USA, debt to D

S&P said it lowered its corporate credit rating on Triangle USA Petroleum Corp. to D from CCC.

In addition, the agency lowered the senior unsecured rating to D from CC.

S&P said the D corporate credit rating reflects Triangle's announcement that it reached an agreement in principle with its noteholders to enter into a prearranged Chapter 11 bankruptcy. Under the terms of the agreement, the company's notes will be converted into equity and a new money rights offering for $100 million.

The agency views the result as a general default given that Triangle will fail to pay its unsecured note obligations.

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