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Rating Actions. Notes' default

April 03, 2020 | Cbonds

Yesterday, April 2, S&P Global Ratings downgraded issuer credit rating on KCA Deutag UK Finance, international oil and gas services company, to SD (selective default) from CCC+. 

The agency lowered the ratings as the company said to use its 30-day grace period. Thus, it didn't pay about $45 million in interest due to the holders of the senior secured notes maturing 2022 and 2023 on April 1, 2020.  

At the same time, S&P lowered the issue credit ratings on the affected bonds to D from CCC+.

Company: KCA Deutag UK Finance

Full company nameKCA Deutag UK Finance plc
Country of riskUnited Kingdom
Country of registrationUnited Kingdom
IndustryOil and gas

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