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S&P cuts Baytex Energy
S&P said it downgraded Baytex Energy Corp. to B from BB and lowered the rating on the company's senior unsecured debt to B+ from BB and revised the recovery rating to 2 from 3, reflecting a capped estimated recovery of 85%.
S&P said substantially lower prices will result in weaker cash flow and credit metrics than the agency had previously forecasted for the company.
“Baytex's ongoing spending discipline and continued adherence to moderate financial policies are not sufficient to insulate the company's leverage metrics and overall financial risk profile,” said S&P in a press release.
The outlook is negative.
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