Moody’s sinks Murray Energy

Moody’s Investors Service said it downgraded Murray Energy Corp.’s probability of default rating to D-PD from Ca-PD and corporate family rating to C from Ca.

Moody’s also downgraded the company’s senior secured bank credit facilities due 2020 and senior secured bank credit facilities due 2022 to C from Ca and confirmed its senior secured notes at C.

The downgrades follow Murray’s announcement that it entered a restructuring pact with more than 60% of its lenders and filed for protection under the Chapter 11 of the U.S. Bankruptcy Code, the agency said.

Moody’s plans to withdraw all its ratings for Murray.

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