Chesapeake Energy's ratings under review for downgrade - Moody's |
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Wed, 21 Nov 2007 06:30
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has placed Chesapeake Energy Corp's ratings on review for downgrade, given the natural gas producer's surge in leverage relative to productive assets.The agency said Chesapeake's 'Ba2' corporate family rating will be assessed in the context of its leverage rise relative to its reserve and production profiles.Most of the company's remedial debt reduction methods appear to be debt or debt-like in nature, and 2008 and 2009 capital outlays are likely to significantly exceed cash flow, Moody's said.The ratings under review include Oklahoma-based Chesapeake's 'Ba2' corporate family and senior unsecured notes, 'Baa3' hedging facility and 'SGL-2' speculative grade liquidity ratings.TFN.newsdesk@thomson.comfaj/pmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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SP Ausnet ratings still on review for downgrade - Moody's 