Moody’s downgrades EXCO

Moody's Investors Service said it downgraded EXCO Resources, Inc.'s probability of default rating to C-PD/LD from Ca-PD and corporate family rating to C from Ca.

The agency affirmed the Caa1 rating on the company’s senior secured bank credit facility as was the C rating on its unsecured notes.

Moody’s said the actions follow the company's announcement that it did not make the interest payment due on its 1.75-lien term loans following the Dec. 26 expiration of the three-day grace period with respect to its Dec. 20, 2017 scheduled payment date.

The speculative grade liquidity rating of SGL-4 is unchanged and the outlook was changed to stable from negative.

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