S&P affirms, withdraws Savanna Energy

S&P said it affirmed the B+ long-term corporate credit rating on Savanna Energy Services Corp. At the same time, the agency affirmed its BB- issue-level rating on the company's senior unsecured debt. The 2 recovery rating on the debt is unchanged.

The outlook is stable.

Subsequently, S&P withdrew its ratings on Savanna at the company's request.

“At the time of withdrawal, Savanna's credit reflected our view that the company should benefit from Total Energy Services Inc.'s ownership due to slightly higher scale and product diversification,” the agency said in a news release.

“Moreover, the company will have a more robust balance sheet that should support its capital investment plan for the next two years.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.