Standard & Poor's downgraded Afren Plc on Wednesday, becoming the second major rating agency to warn of the oil producer's imminent default.
Afren plc said it may delay a $15 million coupon payment to bondholders next week as the slump in oil prices sours $4.5 billion of debt owed by European drillers and explorers.
The company’s $253 million of 11.5 percent bonds due 2016, which have a coupon due February 1, slumped 10 cents to 39
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