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S&P lowers Geo Energy to B-
S&P said it downgraded the long-term issuer credit rating and issue rating on Geo Energy Resources Ltd. to B- from B, based on mounting refinancing risk and uncertain financial performance.
The outlook is negative, reflecting the view that the company could face difficulty repaying the bonds if it is unable to increase reserves and if bondholders exercise the notes' put option in April 2021, the agency said.
The company faces mounting refinancing risks given the lack of investment in its reserves base since the issuance of notes in October 2017, and performance could also remain subdued over the next 12 months due to low coal prices, S&P added.
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