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S&P lowers Chaparral Energy
Standard & Poor's said it revised the corporate rating on Chaparral Energy Inc. to CCC+ from B-.
The agency said it lowered the rating on the company's unsecured debt to CCC from CCC+. The recovery rating remains at 5, indicating 10% to 30% expected default recovery.
The outlook is negative.
The downgrades reflect the company's unsustainable credit measures and liquidity as weak hydrocarbon prices continue to depress its operating cash flows, S&P said.
The ratings reflect the company's vulnerable business risk profile, the agency said.
The company also has a highly leveraged financial risk profile, reflecting its high debt levels, S&P said.
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