Fitch downgrades QGOG

Fitch downgrades QGOG

Corporate & Sovereign Strategy Capital Markets Brazil

Fitch Ratings said it has downgraded QGOG Constellation to CC from CCC on Tuesday after the company announced that it would defer interest payments due on its 9.5% 2024 and 6.25% 2019 bonds. The ratings agency said in a report that QGOG had $27m due in interest payments on its 2024s and $3m due on its shorter-dated 2019s. Fitch expects the oil and gas driller's liquidity and profitability to further deteriorate in the short to medium-term, contributing to its low cash flow stability once contr

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