S&P lowers US Shale to CC, notes to CCC-

Standard & Poor's said it lowered its corporate credit rating on US Shale Solutions Inc. to CC from CCC.

The outlook is negative.

The agency also downgraded the issue-level rating on the company's senior secured notes to CCC- (one notch above the corporate credit rating) from CCC+. The 2 recovery rating is unchanged, indicating an expectation of substantial recovery (70% to 90%; upper half of range) to bondholders in the event of payment default.

"We no longer expect U.S.-based oilfield services and infrastructure provider U.S. Shale Solutions to meet its financial obligations as they come due," S&P credit analyst John Rogers said in a news release.

"The company recently disclosed that it is evaluating strategic alternatives, including reducing or delaying capital spending, selling assets, seeking additional capital, refinancing, or restructuring."

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