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S&P rates EnVen B, notes BB-
S&P said it assigned its B corporate credit rating to EnVen Energy Corp.
The outlook is stable.
At the same time, the agency assigned a BB- issue-level rating to the company's $325 million new secured second-lien notes due 2023. The 1 recovery rating indicates an expectation for very high (90% to 100%; rounded estimate: 95%) recovery to creditors in the event of a payment default.
S&P said it expects the company to use proceeds from the notes to refinance its $205 million outstanding secured second-lien notes due 2018 and the outstanding balance on its credit facility.
“We expect credit measures will remain strong over the next two years even as the company's hedges roll off with 2019 largely unhedged,” the agency said in a news release.
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