Oil and gas companies struggling with low commodity prices continue to drive up the U.S. speculative grade default rate, which is projected to hit a four-year high of 3.8% in 2016, according to a recent report from Moody’s Investors Service.
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Articles from Default
Fitch Downgrades DCP Midstream on Price Exposure
Commodity price exposure dinged the rating on DCP Midstream LLC (DCPM) debt as Fitch Ratings downgraded the company’s senior unsecured debt and Issuer Default Rating (IDR) to “BBB” from “BBB+.” However, the ratings outlook was revised to “stable” from “negative.”
July 6, 2009
Fitch Downgrades DCP Midstream on Price Exposure
Commodity price exposure dinged the rating on DCP Midstream LLC (DCPM) debt as Fitch Ratings downgraded the company’s senior unsecured debt and Issuer Default Rating (IDR) to “BBB” from “BBB+.” However, the ratings outlook was revised to “stable” from “negative.”
July 2, 2009
NRG Energy, Reliant Stoke Bankruptcy Fears in SEC Filings
Is the second shoe of another bankruptcy filing in the energy merchant sector about to drop? No doubt it’s a question on the minds of a lot of energy industry executives after Xcel Energy last Monday said that there is a “substantial likelihood” that its NRG Energy unit will be the subject of a bankruptcy proceeding and Reliant Resources warned that it may need to pursue Chapter 11 if it can’t cobble together financing deals on acceptable terms.
November 25, 2002
Taxpayers May Have to Pay Tab for CA Energy
Taxpayers nationwide could wind up footing the bill for billionsof dollars if California’s utilities default on payments tosuppliers for the emergency power and natural gas that they’vereceived during the current crisis, warned Chairman Frank Murkowski(R-AK) of the Senate Energy and Natural Resources Committee lastweek.
February 5, 2001
Marketers on Columbia (Ohio) Default
Columbia Gas of Ohio has dropped two marketers from its retailchoice program in the last three weeks after the marketers failedto deliver gas into Columbia’s system to serve their customers. Thedefaults are the latest of several small marketers across thecountry to succumb to the volatility and high prices in the naturalgas market.
January 9, 2001
MCN Margins Fall, Customers Default
Unseasonally high natural gas prices have narrowed margins andcaused defaults by unhedged marketer customers, resulting in a$24.4 million second quarter loss for MCN Energy Group’s energymarketing division.
August 21, 2000
MCN Margins Fall, Customers Default
Unseasonally high natural gas prices have narrowed margins andcaused defaults by unhedged marketer customers, resulting in a$24.4 million second quarter loss for MCN Energy Group’s energymarketing division.
August 16, 2000
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