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Moody’s lowers Cloud Peak
Moody's Investors Service said it downgraded all ratings for Cloud Peak Energy Resources LLC, including the corporate family rating to Ca from Caa1.
Moody's also downgraded the company's probability of default rating to Ca-PD from Caa1-PD, second-lien senior secured notes to Ca from Caa2, senior unsecured notes to C from Caa3, and speculative grade liquidity rating to SGL-4 from SGL-3.
The outlook is stable.
“Given its weakened performance and high debt levels, Cloud Peak is expected to pursue a debt restructuring,” Ben Nelson, Moody's vice president, senior credit officer and lead analyst for Cloud Peak, said in a news release.
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