Moody's rates Paramount notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to Paramount Resource Ltd.'s proposed C$250 million senior unsecured notes issue.

Paramount's B3 corporate family and probability of default ratings and existing Caa1 senior unsecured rating were affirmed.

The outlook was changed to stable from negative.

A speculative grade liquidity rating of SGL-3 was assigned.

The proceeds of the notes will be used to fund sizeable negative free cash flow resulting from the company's large capital expenditure program and to repay drawings under its revolving credit facility.

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