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Venoco, Inc. Message Board

  • dormie18 dormie18 Aug 29, 2012 8:17 PM Flag

    S&P cuts credit to 'B-' Outlook Stable

    OK, let's price the high yield and get this baby put to bed now that S&P has spoken.

    "--We have lowered our corporate credit rating on Venoco to 'B-' from 'B'
    to reflect the level of debt assumed with the financing, the new capital
    structure of the company, and our expectations of leverage for the next two
    years.
    -- At the same time, we have removed the rating from CreditWatch with
    negative implications and assigned a stable outlook, which primarily reflects
    our belief that the company possesses adequate sources of liquidity to fund
    its projected uses of cash for the next two years.
    -- The '5' recovery rating for the existing unsecured notes remains
    unchanged, indicating our expectation of modest (10%-30%) recovery on the
    notes in the event of a payment default. In connection, we lowered our ratings
    on the notes to 'CCC+' from 'B-' to maintain the existing one-notch separation
    below the corporate credit rating."

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