{"id":6147,"date":"2012-04-26T15:48:03","date_gmt":"2012-04-26T20:48:03","guid":{"rendered":"http:\/\/stateimpact.npr.org\/oklahoma\/?p=6147"},"modified":"2012-04-26T15:49:49","modified_gmt":"2012-04-26T20:49:49","slug":"sp-downgrades-chesapeake-credit-rating-over-unusual-ceo-perk","status":"publish","type":"post","link":"https:\/\/stateimpact.npr.org\/oklahoma\/2012\/04\/26\/sp-downgrades-chesapeake-credit-rating-over-unusual-ceo-perk\/","title":{"rendered":"S&#038;P Downgrades Chesapeake Credit Rating Over &#8216;Unusual&#8217; CEO Perk"},"content":{"rendered":"<p>More bad news for Chesapeake Energy: Standard & Poor\u2019s has downgraded the corporate credit rating of the Oklahoma City-based natural gas giant and its subsidiaries.<\/p><p>This afternoon, S&P <a href=\"http:\/\/247wallst.com\/2012\/04\/26\/sp-downgrades-chesapeake-credit-ratings-over-ceo-issues-chk-chkm\/\">downgraded<\/a> Chesapeake to BB from BB+.<\/p><p>Chesapeake\u2019s board is reviewing financing arrangements between CEO Aubrey McClendon and third parties tied to a controversial corporate perk. <a href=\"http:\/\/stateimpact.npr.org\/oklahoma\/2012\/04\/26\/controversial-ceo-perk-chesapeake-to-end-it-sec-to-informally-probe-it\/\">Today<\/a>, the company and McClendon announced they were ending the Founder Well Participation Program.<\/p><p><a href=\"http:\/\/www.standardandpoors.com\/prot\/ratings\/articles\/en\/us\/?articleType=HTML&assetID=1245332656399\">From<\/a> S&P credit analyst Scott Sprinzen:<\/p>\n<blockquote><p>&#8220;The downgrade and CreditWatch placement reflect our view that recent revelations about personal transactions undertaken by Chesapeake&#8217;s CEO relating to the company&#8217;s unusual Founder Well Participation Program underscore shortcomings in Chesapeake Energy Corp.&#8217;s corporate governance practices.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>More bad news for Chesapeake Energy: Standard &#038; Poor\u2019s has downgraded the corporate credit rating of the Oklahoma City-based natural gas giant and its subsidiaries.This afternoon, S&#038;P downgraded Chesapeake to BB from BB+.Chesapeake\u2019s board is reviewing financing arrangements between CEO Aubrey McClendon and third parties tied to a controversial corporate perk. Today, the company and [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[301],"tags":[360,275],"acf":[],"_links":{"self":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/6147"}],"collection":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/comments?post=6147"}],"version-history":[{"count":1,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/6147\/revisions"}],"predecessor-version":[{"id":6152,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/6147\/revisions\/6152"}],"wp:attachment":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/media?parent=6147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/categories?post=6147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/tags?post=6147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}