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S&P lifts Seventy Seven Energy
S&P said it raised the corporate credit rating on Seventy Seven Energy Inc. to CCC+ from D.
The agency also said it raised the rating on the company's reinstated $500 million secured term loan due 2020 to B- from D.
The recovery rating on this debt is 2, indicating 70% to 90% expected default recovery.
S&P also said it withdrew the D ratings on the company's senior unsecured notes and structurally subordinated notes, which have been converted to new common equity through the company's restructuring.
The outlook is developing.
The upgrades reflect the company’s new capital structure post reorganization, the agency said.
The reorganization converted about $1.1 billion of senior unsecured debt and structurally subordinated debt to equity, S&P said.
The ratings also reflect the company’s vulnerable business risk, the agency added.
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