Moody's lowers Fieldwood

Moody's Investors Service said it downgraded Fieldwood Energy LLC's probability of default rating to D-PD from Caa3-PD/LD (limited default).

The downgrade was prompted by news that Fieldwood filed voluntary petitions for reorganization under Chapter 11 of the US. Bankruptcy Code in the Southern District Court of Texas on Feb. 14.

The agency also said it affirmed Fieldwood's Caa3 corporate family rating, B3 (LGD 2) first-lien reserve-based term loan, B3 (LGD 2) senior secured first-lien term loan, Caa3 (LGD 3) senior secured first-lien last-out and Ca second-lien term loan.

The outlook was changed to stable from negative.

Fieldwood plans to reduce leverage, boost liquidity and refinance its first-lien debt and facility through the bankruptcy process, Moody's said.

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