Moody’s drops Key Energy, debt to Ca

Moody's Investors Service said it downgraded Key Energy Services, Inc.'s corporate family rating to Ca from Caa2, probability of default rating to Ca-PD from Caa2-PD and senior unsecured rating to Ca from Caa3.

The SGL-4 speculative grade liquidity rating was affirmed.

The outlook remains negative.

"The downgrade reflects Key Energy's rapidly depleting liquidity and the looming risk of a debt restructuring in 2016," Moody's assistant vice president and analyst Sajjad Alam said in a news release.

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