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Moody’s trims Sheridan
Moody's Investors Service said it downgraded corporate family ratings of Sheridan Investment Partners I, LLC, Sheridan Production Partners I-A, LP and Sheridan Production Partners IM, LP to Ca from Caa3, appended a limited default designation to the probability of default ratings to Ca-PD/LD from Ca-PD and downgraded ratings on the senior secured term loans to Ca from Caa3.
The outlook remains negative.
“The downgrade of the ratings and the negative outlook reflect the company's increasing likelihood of default,” the agency said in a news release.
“Combined with the company's weak liquidity, Sheridan's credit profile points to an untenable capital structure, unless the company is able to reduce its debt burden by executing on any potential asset sales.”
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