Moody's rates Carrizo notes B3

Moody's Investors Service said it assigned a B3 rating to Carrizo Oil & Gas, Inc.'s proposed $250 million senior unsecured notes.

Moody's also confirmed Carrizo's B2 corporate family rating and B3 senior unsecured note ratings.

The outlook is stable.

The B3 rating on the senior unsecured notes reflects both the overall probability of default of Carrizo, to which Moody's assigns a B2, and a loss given default of LGD 4 (62%).

The amount of secured debt relative to the amount of unsecured debt results in the senior unsecured notes being notched one rating beneath the corporate family rating under Moody's Loss Given Default Methodology.

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