Moody’s lowers Endeavour PDR

Moody's Investors Service said it downgraded Endeavour International Corp.’s probability of default rating to C-PD/LD from Ca-PD and affirmed the Ca corporate family rating, the Ca rating on its first priority senior notes and the C rating on its second priority senior notes.

The speculative grade liquidity rating remains SGL-4 and the outlook remains negative.

Moody’s said the action is in response to the company not making required interest payments within the contractual grace period on some of its senior and convertible notes outstanding, which Moody's views as a limited default. If Endeavour files for bankruptcy following the expiration of its forbearance agreement, then the probability of default rating will be lowered to D and the ratings withdrawn shortly thereafter.

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