Monday, 06 December 2021 02:33 GMT

Midstates Petroleum shares drop after S&P downgrade

(MENAFN- ProactiveInvestors)Midstates Petroleum (OTCMKTS:MPOY) shares dropped by as much as 16% on Monday after S&P Ratings downgraded the company's credit and issue-level ratings to D from triple C minus on a missed interest payment. The U.S.-based oil and gas exploration and production company announced that it has elected not to make its interest payment on its 10.75% senior notes due 2020. "We believe it is likely the company will file for Chapter 11 to  restructure the company. As a result we are lowering our corporate credit ratings and issue-level ratings on Midstates' debt to 'D'" S&P said. Midstates shares ended on Monday down 3.2% at $0.30.

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.