Moody's rates Warren Resources notes Caa1

Moody's Investors Service said it assigned a B3 corporate family rating to Warren Resources, Inc. and a Caa1 rating to its proposed offering of $200 million senior unsecured notes due 2021.

Moody's also assigned a speculative grade liquidity rating of SGL-2 and a stable outlook.

"Warren Resources' B3 rating reflects its small and highly concentrated reserve and production base," commented Pete Speer, Moody's vice-president, in a news release. "This offering will provide the company with good liquidity to pursue small acquisitions to supplement its relatively limited organic growth potential."

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