Moody’s drops Magnum Hunter, loan, notes

Moody's Investors Service said it downgraded Magnum Hunter Resources Corp.’s probability of default rating to D-PD from Caa3-PD, corporate family rating to Ca from Caa3, senior secured second-lien term loan rating to Ca from B3 and senior unsecured note rating to C from Ca.

The negative outlook and the SGL-4 speculative grade rating were maintained.

These actions were prompted by a Dec. 15 announcement that Magnum Hunter and certain of its wholly owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the state of Delaware.

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