Moody’s lowers Forum Energy SGL

Moody's Investors Service said it lowered Forum Energy Technologies, Inc.'s speculative grade liquidity rating to SGL-2 from SGL-1.

At the same time, the agency affirmed Forum's other ratings, including its B1 corporate family rating and B2 senior unsecured rating.

The outlook is stable.

The agency said the SGL-2 liquidity rating reflects an expectation of good liquidity through 2019.

Forum's corporate family rating reflects its smaller scale and exposure to the negative effect of weak energy prices on E&P capital spending, as evidenced by the dramatic decline in the industry's fortunes over the 2015 to 2016 downturn, and Forum's sluggish recovery through 2017, the agency said.

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