Moody’s drops, will withdraw Paragon

Moody's Investors Service said it downgraded Paragon Offshore plc's probability of default rating to D-PD from Ca-PD following its Feb. 15 announcement that Paragon and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the District Court of Delaware.

Paragon's other ratings and negative outlook were unchanged.

Shortly following these rating actions, Moody's will withdraw all of Paragon's ratings and outlook.

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