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Moody’s adds LD to Gavilan PDR
Moody's Investors Service said it appended a limited default designation to Gavilan Resources, LLC's Ca-PD probability of default rating.
Concurrently, Moody's affirmed the company's corporate family rating at Ca and senior secured second-lien term loan rating at C.
The outlook remains negative.
The appending of the PDR with an LD designation indicates limited default reflecting missed interest payment on the company's term loan on March 31 as well as the expiration of the grace period which Moody's considers a default, the agency explained.
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