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S&P cuts Tidewater Midstream
S&P said it cut Tidewater Midstream and Infrastructure Ltd.’s issuer rating to CCC from B- and left the rating on CreditWatch with developing implications.
The downgrade reflects the agency’s expectation that Tidewater may not be able to refinance its $125 million senior unsecured notes before June 30, which would accelerate the revolving credit facility’s maturity date to Aug. 23 from Aug. 18, 2024, S&P said.
“In our view, Tidewater will not have sufficient liquidity to repay the $397 million outstanding RCF balance in 2022,” the agency said in a press release.
“We project total liquidity sources to be C$195 million over the next 12 months, which is below the C$397 million outstanding RCF amount that Tidewater would have to pay in August 2022, if the notes are not refinanced,” S&P said.
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