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Moody’s lowers Extraction Oil
Moody’s Investors Service said it downgraded Extraction Oil & Gas, Inc.’s probability of default rating to D-PD from C-PD.
The agency affirmed Extraction’s other ratings, including its Ca corporate family rating and C rating on its senior unsecured notes. The outlook remains negative.
These actions follow Extraction’s Sunday voluntary filing of petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
Moody’s said it plans to withdraw its ratings shortly.
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