...March 14, 2024 NEW YORK (S&P Global Ratings) March 14, 2024--S&P Global Ratings today assigned its 'B' issue-level rating and '4' recovery rating to U.S.-based crude oil and natural gas exploration and production company Vital Energy Inc.'s proposed $575 million senior unsecured notes due 2032. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 45%) recovery of principal to creditors in the event of a payment default. At the same time, we revised our recovery rating on the company's existing senior unsecured notes to '4' from '3'. The lower recovery rating reflects both a decline in Vital's year-end PV10 value of proved reserves under our recovery price assumptions and the increase in its outstanding debt. Our 'B' issue-level rating on the existing notes is unchanged. The following debt issuances were affected by the change in recovery rating (amounts shown are as of Dec. 31, 2023): - $700 million of 10.125% senior unsecured notes due 2028; - $298...
