Rating agency downgrades credit; equity options open up

摘要

Upstream companies and other industry sectors are entering what was once thought of as no man's land in 2016: the equity capital markets. Companies such as Pioneer Natural Resources Co. and Hess Corp. have already raised a collective $2.8 billion. Some are also taking on more bank debt, though likely at higher prices. E&Ps are increasingly feeling pressure from credit rating services as their scores careen from the superior Aaa investment grade credit toward Caa3 or worse.