Fitch cuts Connacher CFR, notes to Ca

Moody's Investors Service said it lowered Connacher Oil and Gas Ltd.’s corporate family rating to Ca from Caa2, probability of default rating to Ca-PD from Caa2-PD and $900 million second-lien senior secured notes to Ca from Caa3.

The SGL-4 speculative grade liquidity rating was affirmed and the outlook remains negative.

"The lowering of the ratings reflects our view that Connacher will be unable to meet all of its cash requirements in 2015," Moody's analyst Paresh Chari said in a news release. "We expect Connacher will need to restructure its capital structure within the next 12 months."

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