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S&P downgrades Alta Mesa
S&P said it lowered the issuer credit ratings on Alta Mesa Resources Inc. and its subsidiary, Alta Mesa Holdings LP, to CCC- from CCC+.
The agency also said it lowered the rating on Alta Mesa Holdings' senior unsecured debt to CCC- from CCC+.
Alta Mesa Resources announced that it expects a $3.1 billion impairment charge in its fourth quarter, S&P said.
The company also disclosed that it made additional borrowings under the Alta Mesa Holdings revolver and provided lower production guidance for 2019 than previously expected, the agency said.
Given the price at which its bonds are trading, S&P said it is likely to undertake an exchange offer below par that would be viewed as a selective default under the criteria.
The agency said it believes Alta Mesa also will struggle to maintain sufficient financial performance and liquidity.
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