Bitcoin price today: dips to $92k as Fed cut doubts spark risk-off mood
Investing.com -- S&P Global Ratings has downgraded New Fortress Energy Inc. to ’SD’ (selective default) from ’CCC’ after the company entered into a forbearance agreement with holders of its senior secured notes.
The rating action follows New Fortress Energy’s failure to make a scheduled interest payment due on November 17, 2025. Under the forbearance agreement announced on Tuesday, the payment deadline has been extended by 30 days to December 15, 2025.
S&P also lowered its issue-level rating on the company’s 12% senior secured notes due 2029 to ’D’ from ’CCC-’. The ratings agency maintained its ’CCC’ issue-level rating on New Fortress Energy’s senior secured term loan B due 2028 and its ’CCC-’ rating on senior secured notes due 2026 and 2029 (legacy notes).
According to S&P, the forbearance agreement represents a selective default because the company "is distressed, failed to meet its contractual obligation to pay interest in a timely manner, and did not adequately compensate all its lenders for agreeing to temporarily waive their rights."
S&P Global Ratings indicated it will reevaluate its ratings on New Fortress Energy before the end of November as more information becomes available.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.