Moody's affirms McMoRan

Moody's Investors Service said it affirmed McMoRan Exploration Co.'s B3 corporate family rating, B3 probability of default rating and Caa1 rating on $300 million of senior unsecured notes due 2014.

Under the loss given default methodology, the LGD metrics for the notes moved to LGD 5, 70% from LGD 5, 77%, the agency said, adding that McMoRan's speculative-grade liquidity rating is unchanged at SGL-3.

The outlook remains stable.

According to Moody's, the affirmations reflect a strong cash position that provides ample near-term liquid capital for the reserve replacement effort, management that is long-seasoned in the offshore regions McMoRan operates, and its view that third quarter production will have increased modestly over reduced second quarter levels.

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