Moody’s cuts SAExploration PDR, notes

Moody's Investors Service said it downgraded SAExploration Holdings, Inc.'s probability of default rating to Ca-PD from Caa2-PD and rating on its notes to Caa3 from Caa2.

The Caa2 corporate family rating was affirmed and the speculative grade liquidity rating is unchanged at SGL-4.

The outlook is negative.

"The rating downgrade on SAExploration's notes reflects our expectation that the company's debt exchange will result in a loss of capital for existing bondholders," Moody's vice president James Wilkins said in a news release.

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