S&P Global Ratings lowered Murray Energy's debt rating to CC, one step from default, saying that the agreement between the coal producer and some of its lenders to complete a private exchange is "tantamount to a default." That private offer would exchange about 71% of the company's $996 million in 11.25% secured notes due in 2021 for newly issued 12% senior notes due in 2024, S&P said. In addition, maturity of $1.8 billion in outstanding term loans would be extended to 2022 from 2020. The offer implies that investors will receive less value than the promise of the original securities, and "the offer is distressed, rather than opportunistic," S&P Global said. The ratings agency also placed all Murray's ratings on "CreditWatch with negative implications, reflecting our expectation that we will lower the corporate credit rating to 'SD' (selective default) and the issue-level ratings, subject to the exchange offer, to 'D' once the transaction is completed," S&P Global said. Murray and two other mining companies were among the few U.S. concerns that lauded President Donald Trump's decision to pull the U.S. out of the Paris climate accord last year.