Moody's rates Gulfport B2, notes B3

Moody's Investors Service said it assigned new ratings to Gulfport Energy Corp., including a B2 corporate family rating, a B2-PD probability of default rating and a B3 rating to the $550 million of senior unsecured notes issued by its subsidiary, Gulfport Energy Operating Corp. Moody's also assigned an SGL-3 speculative grade liquidity rating. The outlook is stable.

These are initial ratings for the restructured Gulfport, following its emergence from bankruptcy on Monday, Moody’s said.

"Gulfport will benefit from reduced financial leverage after eliminating about $1 billion in debt through the Chapter 11 bankruptcy process," said Elena Nadtotchi, a Moody’s senior vice president, in a press release.

"The company also improved its cost structure by renegotiating certain fixed transportation contracts and will focus on improving its capital efficiency and operating cash flow generation to be able to continue to reduce debt and build a greater level of financial flexibility," Nadtotchi added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.