Moody’s drops Memorial Production PDR on bankruptcy

Moody's Investors Service said it downgraded Memorial Production Partners LP's (MEMP) probability of default rating to D-PD from Ca-PD/LD following the company's January announcement that it voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division.

Concurrently, the agency affirmed the corporate family rating of Ca and unsecured notes rating of C.

The outlook is negative.

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