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S&P cuts GMX Resources
Standard & Poor's said it lowered its corporate credit rating on GMX Resources Inc. to CC from CCC+.
The CCC+ rating on the company's $283.5 million senior secured notes, remains unchanged. The outlook is negative.
"The downgrade to CC reflects the potential for a selective default on GMX's 4.5% senior convertible notes due 2015 - $86.3 million outstanding as of June 30, 2012 - due to certain aspects of GMX's exchange offer that would constitute a distressed exchange under our criteria," said S&P credit analyst Paul B. Harvey in a news release.
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