May 15, 2018 |
Fitch Ratings has downgraded QGOG Constellation to C from CC after the oil driller entered a grace period on some of its outstanding bond payments.
Brazilian QGOG had roughly $27m in interest payments due on its 9.5% 2024 notes and its 6.25% 2019 bonds, the rating agency said in a report.
Fitch also said it expected QGOG's liquidity and profitability to deteriorate in the short to medium term, leading to less cash flow stability.
This would be particularly exacerbated once the company's contract
Brazilian oil driller enters grace period on debt maturing in 2019 and 2024