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Memorial Production Partners’ Downgrades

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On November 1, 2016, S&P Global Ratings lowered its corporate credit rating on Memorial Production Partners LP (MEMP) to CCC- from B- and its senior unsecured debt rating to C from CCC. “The downgrade reflects our view that MEMP could undertake a distressed exchange for its senior unsecured notes within the next six months,” said S&P Global Ratings’ credit analyst Christine Besset.

On November 3, 2016, S&P Global Ratings lowered its corporate credit rating on Memorial Production Partners LP to CC from CCC- and its senior unsecured notes remains at C. “The downgrade follows the announcement on Nov. 1, 2016, that MEMP has decided not to pay the coupon due on its senior unsecured notes maturing 2021,” said S&P Global Ratings credit analyst Christine Besset. “MEMP is using the 30-day-grace period provided in the notes’ indenture because the partnership is in the process of restructuring its balance sheet,” she added.

On November 3, 2016, Moody’s Investors Service downgraded Memorial Production Partners LP’s (MEMP) corporate family rating to Ca from Caa2, probability of default rating to Ca-PD from Caa2-PD and senior unsecured notes rating to C from Caa3.  According to Moody’s, this action follows MEMP’s non-payment of interest on its 7.625% senior notes due 2021. Failure to pay interest on the 2021 Notes constitutes an event of default under MEMP’s revolving credit facility. Read more on distressed companies.

The post Memorial Production Partners’ Downgrades appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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