Fitch affirms Chesapeake Energy

Fitch Ratings said it has affirmed Chesapeake Energy Corp.'s issuer default rating at BB following the company's recently announced updated financial position and plans to cut capital expenditures.

The outlook remains negative.

Fitch said it rates Chesapeake's debt as follows: issuer default rating at BB; senior unsecured debt at BB; senior secured revolving credit facility and hedge facilities at BBB-; and convertible preferred stock at B+.

Following recent announcements from Chesapeake and the more detailed presentation made by management, Fitch noted that it continues to have both short and long-term concerns about Chesapeake.

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