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Moody's cuts Questar Market notes to junk
Moody's Investors Service said it downgraded Questar Market Resources, Inc.'s senior notes to Ba1 (LGD4, 53%) from Baa3 and assigned a Ba1 corporate family rating and an SGL-3 speculative grade liquidity rating to the company.
This concludes the review for possible downgrade that began on April 22, and the outlook is stable.
The rating actions follow the completion of the company's spinoff from Questar Corp. Prior to the June 30 spinoff, Questar Market Resources was merged into QEP Resources, Inc., and all of Questar Market Resources' $1.15 billion of senior notes and bank credit agreements have been assumed by QEP Resources.
The agency said the Ba1 rating reflects the company's competitive cost structure and leverage metrics, which compare favorably to its peers, and the SGL-3 rating is based on Moody's expectation that QEP will have adequate liquidity over the next 12 months.
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