S&P cuts oil producer Afren's credit rating

Feb 4 (Reuters) - Standard & Poor's cut its long-term corporate credit rating on Afren Plc (LSE: AFR.L - news) to 'SD', or selective default, from 'CC', becoming the second major ratings agency to downgrade the oil producer in just over a week.

"We downgraded Afren because it failed to pay its obligations under both its $300 million revolving credit facility (Ebok facility) and its bonds maturing in 2016 on time," S&P said.

The agency also cut its long-term issue rating on the company's senior secured bonds maturing in 2016 to 'D' from 'CC'.

Fitch last week cut Afren's long-term rating to 'C' from 'B', warning of the company's imminent default. (Reporting by Esha Vaish in Bengaluru; Editing by Robin Paxton)