S&P Cuts Chesapeake Energy's Credit Rating, Shares Slide

Shares of Chesapeake Energy (CHK) - Get Report traded lower on Friday after S&P Global Ratings downgraded the company's credit from CCC to 'selective default.' S&P cited near-term liquidity issues in cutting its rating, adding to the woes of Chesapeake, who's shares are down 66 percent over the past 12 months. The company's shares were also pressured by a decline in oil prices, which slid back below $50 a barrel Friday. Prices of crude were down 2.5% in midday trading to $49.28 a barrel, based on U.S. benchmark West Texas Intermediate.

This article was written by a staff member of TheStreet.