Moody's cuts Quicksilver notes

Moody's Investors Service said it downgraded Quicksilver Resources Inc.'s corporate family rating to Caa1 from B3 and downgraded its senior subordinated notes rating to Caa3 from Caa2.

Moody's also affirmed the B2 rating on the second-lien senior secured term loan, the B2 rating on the second-lien senior secured notes and the Caa2 rating on the senior unsecured notes.

"This rating action is reflective of Quicksilver's revised recapitalization plan," Moody's vice president and senior analyst Michael Somogyi said in a news release. "Quicksilver's inability to complete its recapitalization plan as proposed elevates near-term refinancing risk given its weak operating profile and raises concerns over the sustainability of the company's capital structure."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.