Fieldwood downgraded after Chapter 11 move

摘要

AT least two US ratings agencies have downgraded privately held Fieldwood Energy after the US Gulf of Mexico player filed for Chapter 11 bankruptcy protection last week. Fitch Ratings downgraded Fieldwood to 'D', for default, from a 'C', or near-default rating, to reflect the bankruptcy filing. Peer Moody's similarly downgraded its rating. Fitch also downgraded the company's senior first and second lien secured term loans, a move that Fitch said "reflects the lower going-concern valuation applied to Fieldwood", due in part to a perceived lack of investor demand in offshore assets. Fieldwood filed for Chapter 11 in a Texas bankruptcy court on 4 August - its second filing in two years - as the low commodity price environment continues to take a financial toll on the oil and gas industry.