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S&P cuts CNG Holdings
S&P said it lowered its ratings on CNG Holdings Inc. to CC from CCC+ and its senior secured notes to C from CCC.
On Tuesday, CNG reported an exchange offer for its 12½% senior secured notes due June 2024, under which it will provide new 14½% senior secured notes due June 2026 and other considerations.
“Once the transaction closes, we will consider it distressed because, in our view, creditors will receive less value than the securities originally promised. Specifically, we believe the two-year extension in maturity is not adequately offset by offered compensation,” S&P said in a statement.
The outlook is negative.
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