S&P Global Downgrades Chesapeake Energy Following Deal

Date : 09/13/2019 @ 10:06PM
Source : Dow Jones News
Stock : Chesapeake Energy Corp (CHK)
Quote : 1.35  -0.01 (-0.74%) @ 9:00PM
After Hours
Last Trade
Last $ 1.35 ◊ 0.00 (0.00%)

S&P Global Downgrades Chesapeake Energy Following Deal

Chesapeake Energy (NYSE:CHK)
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   By Allison Prang 
 

S&P Global Ratings downgraded multiple ratings for Chesapeake Energy Corp. (CHK) after the energy firm said it would exchange a 15% stake in itself for preferred stock and unsecured notes, the ratings agency said.

S&P lowered the issuer credit rating on the company from B+ to SD, the ratings firm said Friday.

S&P also said it was lowering the issue-level ratings on many of the notes as part of the stock deal from B+ to D. Those notes range from 4.875% to 8% and are due between 2022 and 2027.

The ratings firm also said it downgraded its rating from CCC+ to D for Chesapeake's 5.75% convertible preferred stock.

S&P said it sees "these transactions as distressed" and said the exchanges come out to about 0.85 on the dollar together.

 

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

September 13, 2019 16:51 ET (20:51 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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