S&P trims Geo Energy Resources

S&P said it lowered its long-term issuer credit rating on Geo Energy Resources Ltd. to SD from B- and also lowered the issue rating on the senior unsecured notes the company guarantees to D from B-.

“We lowered the ratings because we consider Geo Energy's series of debt buybacks as distressed, rather than opportunistic. Geo Energy announced on March 17, 2020, that it had bought back the equivalent of nearly $76 million of notes on the secondary market between March 13 and March 17, 2020. Along with other small note buybacks in December 2019 and March 2020, we now estimate that the company has repurchased nearly 37% of its outstanding notes,” said S&P in a press release.

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