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Moody's: Crosstex notes B2
Moody's Investors Service said it assigned a B2 rating to Crosstex Energy, LP's proposed $250 million senior unsecured notes due 2022. The notes are being co-issued by Crosstex Energy Finance Corp.
Crosstex's B1 corporate family rating, SGL-3 speculative grade liquidity rating and stable outlook remain unchanged.
The agency said the B2 rating on the proposed senior unsecured notes ratings reflect both the overall probability of default of Crosstex, to which Moody's assigns a probability of default rating of B1, and a loss given default of LGD 4, 69%.
The agency said the size of the potential senior secured and other structurally superior claims relative to the unsecured notes results in the notes being notched one rating beneath the B1 corporate family rating under Moody's loss given default methodology.
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