Moody's downgrades Tristan

Moody's Investors Service said it downgraded the B2 corporate family and probability-of-default ratings of Tristan Oil Ltd. as well as the B2 rating of its $300 million and $120 million senior secured notes maturing 2012. Ratings remain on review for downgrade.

The action reflects concern over the delays being experienced in obtaining a resolution of the licensing/regulatory issues, the agency said.

The downgrade reflects concern over the amplified regulatory and operational risk for the company, Moody's said.

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