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Moody's rates Halcon notes B3
Moody's Investors Service said it assigned a B3 rating to Halcon Resources Corp.'s proposed $400 million add-on notes.
Moody's also placed Halcon Resources' B2 corporate family rating and B3 senior unsecured notes rating under review for downgrade.
The outlook was previously stable.
"The initiation of the review reflects our view that leverage on production and reserves is increasing beyond Moody's previous expectations," Moody's vice president Stuart Miller said in a news release.
"As a consequence, the company's execution risk in implementing its rapid growth strategy has gone up and its financial policies have become more aggressive. Moody's will conclude the review after evaluating Halcon's 2013 budget and 2012 year-end reserve and production report," Miller added in the release.
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