May 9, 2018 |
Fitch Ratings said it has downgraded QGOG Constellation to CC from CCC on Tuesday after the company announced that it would defer interest payments due on its 9.5% 2024 and 6.25% 2019 bonds.
The ratings agency said in a report that QGOG had $27m due in interest payments on its 2024s and $3m due on its shorter-dated 2019s.
Fitch expects the oil and gas driller's liquidity and profitability to further deteriorate in the short to medium-term, contributing to its low cash flow stability once contrac
Oil & gas driller receives second downgrade this year after announcing it will defer interest payments on its 2019, 2024 paper