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Published on 3/4/2020 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

Moody's downgrades Pioneer Energy

Moody's Investors Service said it downgraded Pioneer Energy Services Corp.'s probability of default rating to D-PD from Caa1-PD, corporate family rating to Caa3 from Caa1, senior secured term loan rating to Caa1 from B2 and its senior unsecured notes rating to Ca from Caa2. The outlook was changed to negative from stable.

The downgrades and outlook revision follow the company's announcement it filed for relief under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas to execute its pre-packaged plan of reorganization. Moody's will withdraw all ratings for the company in the near future.


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