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Moody's affirms Allis-Chalmers
Moody's Investors Service said it affirmed Allis-Chalmers Energy Inc.'s B3 corporate family rating, changed its probability of default rating to B3 from B3/LD, and upgraded its $225 million of 9% senior notes due 2014 to Caa1 (LGD 4, 62%) from Caa3 (LGD 3, 35%) and its $205 million of 8.5% senior notes due 2017 to Caa1 (LGD 4, 62%) from Ca (LGD 4, 40%).
The outlook is stable.
According to Moody's, the rating actions reflect the company's capital structure after the completion of its cash tender offer on its 9% senior notes due 2014 and 8.5% senior notes due 2017.
Moody's added that its last rating action on Allis-Chalmers dates from July 1, at which time it changed its probability of default rating to B3/LD.
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