Fitch downgrades QGOG

Fitch downgrades QGOG

Debt Corporate & Sovereign Strategy Economy & Policy Brazil

Fitch Ratings said it has downgraded QGOG Constellation to CCC from B because of a heightened re-contracting risk and deteriorating liquidity profile. The rating agency said the situation resulted from expiring contracts and $128m in debt related to Alpha star. Fitch also said it expects QGOG's liquidity and profitability to further deteriorate in the short- to medium-term. The oil and gas driller's cash and cash equivalents decreased to approximately $278m in September 2017 from $470m a year

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