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Moody's cuts Delta Petroleum
Moody's Investors Service said it downgraded Delta Petroleum Corp.'s $150 million 7% senior unsecured notes due 2015 to Ca (LGD5, 78%) from Caa3 (LGD5, 76%) and its corporate family and probability-of-default ratings to Caa3 from Caa2. Delta's speculative grade liquidity rating remains at SGL-4.
The outlook is negative.
The downgrade reflects the lack of liquidity and the non-compliance with its bank credit facility, according to the agency.
Moody's said the downgrade reflects continued high and unsustainable costs and leverage.
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