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RGL Reservoir Management Inc.

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On January 18, 2018, S&P Global Ratings lowered its long-term corporate credit rating on RGL Reservoir Management Inc. to SD from CCC- and its first-lien term loan to D from CC. According to S&P Global, the downgrade follows RGL’s recapitalization of its balance sheet that reduced long-term debt by more than 80%. S&P views the transaction as a distressed exchange. As part of the transaction, the first-lien revolver ($45 million) and first-lien term loan ($301 million) debtholders received less than what was promised on the original debt terms. In S&P’s view, RGL has effectively defaulted on these obligations. Read more on distressed companies.

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