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Moody’s drops Chaparral Energy, notes to C
Moody's Investors Service said it downgraded Chaparral Energy, Inc.'s probability of default rating to C-PD/LD from Ca-PD, corporate family rating to C from Ca and unsecured notes rating to C from Ca.
The speculative grade liquidity rating of SGL-4 remains unchanged and the outlook was changed to stable.
The downgrades follow the company's announcement that it did not make the interest payment due on its 8¼% senior notes following the expiration on April 1 of the 30-day grace period with respect to its March 1 scheduled payment date.
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