S&P downgrades Venoco to D

Standard & Poor’s said it lowered the corporate credit ratings on Venoco Inc. and parent company Denver Parent Corp. to D from CCC+.

S&P also said it also lowered the rating on the companies’ senior unsecured notes to D from CCC-. The recovery rating on all of the notes remains at 6, indicating 0 to 10% expected default recovery.

The D rating reflects news that Venoco has elected not to make the interest payment on its 8 7/8% senior notes due 2019, S&P said.

The agency said it doesn’t believe the company will not make this payment before the 30-day grace period ends March 17.

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