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Research Update: Delta Petroleum Corp. Ratings Lowered To 'D' After Company Files For Bankruptcy Dec 11
Standard & Poors, Dec 2011
Abstract
U.S. exploration and production company Delta Petroleum Corp. announced that it filed for Chapter 11 protection under the U.S. Bankruptcy Code. We are lowering all ratings on the company, including the corporate credit rating, to 'D'. On Dec. 19, 2011, Standard & Poor's Ratings Services lowered its corporate credit rating on U.S.-based exploration and production company Delta Petroleum Corp. (Delta) to 'D' from 'CCC-', indicating a default. We also lowered the issue-level rating on Delta's senior unsecured notes to 'D' from 'CC'. The recovery rating on the notes remains '5', indicating our expectation for modest (10% to 30%) recovery for lenders. The downgrades follow Delta's announcement that it has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court....
Companies mentioned in this report are: Delta Petroleum Corp.
Action: Downgraded
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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