S&P: Belden & Blake still on watch

Standard & Poor's said its B ratings on Belden & Blake Corp. remain on CreditWatch negative where they were placed on March 2 following the announcement that its SEC Form 10K, filed on March 31, stated reserve revisions of 56.7 billion cubic feet equivalent.

S&P said the reserve revisions and the resulting change in management at Belden raises questions as to the future direction of the company as it attempts to maintain production and reserve levels as well as replace lost future production necessary to fulfill commitments under its credit facility.

Nevertheless, S&P said it remains concerned about the longer-term ability of Belden to service its $192.5 notes due 2012, secured by a second lien on Belden's assets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.