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Moody's: Energy Future PDR to Caa3/LD
Moody's Investors Service said it revised Energy Future Holdings Corp.'s probability of default rating to Caa3/LD from Caa3 in light of the recently announced debt exchange offer.
Moody's said the revision reflects its view that the transaction constitutes a distressed exchange.
The probability of default rating also reflects Moody's view that additional exchanges are possible in the future, the agency said.
The outlook remains developing.
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