S&P lifts, withdraws RGL Reservoir

S&P said it raised its long-term corporate credit rating on RGL Reservoir Management Inc. to CCC+ from SD (selective default).

The outlook is negative.

At the same time, the agency withdrew its issue-level ratings on the company's first-lien secured debt, including a $45 million revolver, following the company's debt recapitalization transaction, which effectively extinguished all of its previously rated first-lien secured debt.

S&P withdrew the CCC+ corporate credit rating on RGL at the company's request.

“At the time of the withdrawal, the upgrade reflected RGL's new capital structure following the significant reduction in the company's debt outstanding,” the agency said in a news release.

“This followed RGL's recent debt recapitalization that reduced debt by more than 80%.”

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