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Moody’s drops MEG, loan, notes
Moody's Investors Service said it downgraded MEG Energy Corp.'s corporate family rating to Caa2 from B1, probability of default rating to Caa2-PD from B1-PD, secured bank credit facility rating to B3 from Ba2 and senior unsecured notes rating to Caa3 from B2.
The speculative grade liquidity rating was lowered to SGL-2 from SGL-1.
The outlook is negative. This action resolves the review for downgrade that was initiated on Jan. 21.
"The downgrade reflects the material decline in MEG's cash flows expected in 2016 and 2017, which will result in very weak leverage and coverage metrics," Moody's analyst Paresh Chari said in a news release.
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