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Chesapeake Energy Cut to BB by S&P Over CEO’s Financing Deals

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Chesapeake Energy CEO Aubrey McClendon
Aubrey McClendon, chairman and chief executive officer of Chesapeake Energy Corp. Photographer: F. Carter Smith/Bloomberg

April 26 (Bloomberg) -- Chesapeake Energy Corp., whose board is reviewing Chief Executive Officer Aubrey McClendon’s financing agreements, had its corporate credit and senior unsecured debt issue ratings downgraded to BB from BB+ by Standard & Poor’s.

McClendon’s agreements related to the company’s founder well participation program “underscore shortcomings” in the company’s corporate governance, S&P said in a statement. The ratings may be cut further, S&P said.

Link to Statement:{NSN M33NM53PWT1C <GO>}

Link to Company News:{CHK US <Equity> CN <GO>}

To contact the editor responsible for this story: Vivek Shankar at vshankar3@bloomberg.net

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