Moody's rates Goodrich B3, notes Caa1

Moody's Investors Service said it assigned Goodrich Petroleum Corp. a B3 corporate family rating and a SGL3 speculative-grade liquidity rating and its planned $225 million of senior notes a Caa1 rating.

The outlook is stable.

The proposed note offering will be used to redeem and/or defease the $175 million of 3.25% senior convertible notes, which become putable in December 2011. The remaining proceeds will be used for general corporate purposes.

The ratings reflect the high percentage of natural gas in its reserves and production, its small scale and its relatively high leverage, the agency said.

The ratings consider the company's longevity through numerous industry cycles and its prospective acreage position in the oil window of the Eagle Ford Shale, the agency added.

© 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.