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Provider: Reuters Investment Profile

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Standard & Poor's downgrades Songa Offshore SE to D on debt restructuring-Dow Jones

Monday, 23 Dec 2013 09:11am EST 

Songa Offshore SE:Standard & Poor's Ratings Services on Dec. 23 lowered its long-term corporate credit rating on Songa Offshore SE (Songa) to D (default) from CC-Dow Jones.Standard & Poor's said that the downgrade follows Songa's implementation of a debt restructuring in line with its previously announced plans, and following all of the necessary formal approvals from its stakeholders.Standard & Poor's view the restructuring as a distressed exchange, which constitutes an event of default under the rating agency's criteria. 

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