Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Encore Acquisition Co. > News item |
Moody's: Encore outlook to negative
Moody's Investors Service said it changed Encore Acquisition Corp.'s outlook to negative from developing.
Moody's said it affirmed the Ba3 corporate family rating and probability of default rating, and the B1, LGD5 (79% changed from 81%) ratings on the company's senior subordinated notes.
"Encore has high leverage for its Ba3 rating, and the negative outlook reflects the risks that the company will not sustain its planned debt reduction in 2009," commented Pete Speer, Moody's vice president.
"The $190 million of proceeds from the recent hedge monetization provides a substantial down payment on debt reduction, but that leaves Encore with only a small amount of hedged oil production for the remainder of the year."
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.