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Moody's rates QR notes Caa1
Moody's Investors Service said it assigned a Caa1 rating to QR Energy, LP's proposed $300 million senior unsecured notes due 2020.
Moody's also assigned a B2 corporate family rating and a SGL-3 speculative grade liquidity rating.
The outlook is stable.
Moody's said the rating reflects both the overall probability of default of QR Energy, to which Moody's assigns B2, and a loss given default of LGD5-85%.
The size of the senior secured revolver's priority claim relative to the senior unsecured notes results in the notes being rated two notches beneath the B2 corporate family rating under Moody's loss given default methodology.
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