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S&P cuts Source Energy
S&P said it downgraded Source Energy Services Ltd. to D from CCC-, as well as Source Energy Services Canada LP and Source Energy Services Canada Holdings Ltd.’s first-lien secured notes to D from CCC. The 2 recovery rating (with a recovery expectations of 70%) on the notes is unchanged.
The downgrades follow Source Energy Services missing its interest payment Monday on its secured notes due 2021, S&P said.
“We believe the company is unlikely to make the interest payment on the notes within the 60-day grace period as it takes steps to address its long-term capital structure,” S&P said in a press release.
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