Moody's downgrades Gavilan

Moody's Investors Service said it downgraded Gavilan Resources, LLC's probability of default rating to D-PD from Ca-PD /LD.

The agency affirmed Gavilan's other ratings, including its corporate family rating at Ca and senior secured second-lien term loan rating at C. The outlook remains negative.

Gavilan filed for bankruptcy under Chapter 11 on Saturday resulting in the downgrade of its PDR to D-PD, Moody’s said.

“Gavilan's Ca CFR and C senior secured second-lien term loan ratings reflect Moody's views on potential recovery under the instruments. Shortly following this rating action, Moody's will withdraw all of Gavilan's ratings,” the agency said in a press release.

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