Moody’s cuts Oasis Petroleum

Moody’s Investors Service said it downgraded Oasis Petroleum Inc.’s probability of default rating to D-PD from B3-PD, corporate family rating to Caa3 from B3, senior unsecured notes rating to Ca from Caa1 and speculative grade liquidity rating to SGL-4 from SGL-3.

The outlook remains negative.

These actions follow the company’s filing of voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code to implement its restructuring plan.

Moody’s said it will withdraw all ratings for the company soon.

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