Moody's rates Chesapeake loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to Chesapeake Energy Corp.'s proposed $2 billion senior unsecured five-year term loan.

The outlook remains negative.

"The $2 billion term loan improves Chesapeake's liquidity as it works toward completing its planned asset sales," Moody's vice president Pete Speer said in a news release. "However, this new term loan also indicates that the asset sales are taking longer than initially expected to close and that expected debt reduction is sliding further into the future."

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