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S&P cuts US Shale Solutions
Standard & Poor’s said it lowered its corporate credit rating on US Shale Solutions Inc. to CCC from CCC+. The outlook is negative.
S&P also lowered the issue-level rating on the company’s senior secured notes to CCC+ from B-. The 2 recovery rating on the senior secured notes is unchanged, indicating an expectation of substantial recovery (70% to 90%; upper half of range) to bondholders in the event of payment default.
“The ratings on oilfield services and infrastructure company US Shale Solutions Inc. reflect our assessment of the company’s ‘vulnerable’ business risk profile and ‘highly leveraged’ financial risk profile, and ‘less than adequate’ liquidity,” said S&P credit analyst John Rogers in a news release.
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