Moody’s lowers Energy Ventures

Moody's Investors Service said it downgraded Energy Ventures GoM LLC's (EnVen) corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD and senior secured second-lien notes rating to Caa2 from Caa1.

The outlook was changed to negative from stable.

“The downgrade of EnVen's ratings reflects the negative impact of the weak oil and gas price environment on the company's credit quality as well as rising risks of restructuring and default over time,” Jonathan Teitel, Moody's analyst, said in a news release.

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