February 13, 2018 |
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
Brazilian oil and gas driller cut to CCC from B because of heightened re-contracting risk