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4-Traders Homepage  >  Equities  >  Nyse  >  Moody's Corporation    MCO

MOODY'S CORPORATION (MCO)
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Rating Action: Moody's downgrades Fieldwood Energy LLC's PDR to D-PD following Chapter-11 filing

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02/16/2018 | 02:51pm CET

Moody's Investors Service, ('Moody's') downgraded Fieldwood Energy LLC's (Filedwood) Probability of Default Rating to D-PD from Caa3-PD/LD.

The downgrade was prompted by Fieldwood's announcement that it had had filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code in the Southern District Court of Texas.on February 14, 2018. Moody's affirmed Fieldwood's all other ratings, including the Caa3 Corporate Family Rating (CFR), B3 first lien reserve based term loan (RBTL), B3 senior secured first lien term loan (FLTL), Caa3 senior secured first lien last-out (FLLO), and Ca second lien term loan (SLTL). The ratings outlook was changed to stable from negative.

Shortly following these rating actions, Moody's will withdraw all of Fieledwood's ratings. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.

Issuer: Fieldwood Energy LLC

..Downgraded:

.... Probability of Default Rating, Downgraded to D-PD from Caa3-PD/LD

..Outlook Actions:

.... Outlook, Changed To Stable From Negative

..Affirmed:

... First-Lien Reserve Based Senior Secured Term Loan, Affirmed B3 (LGD2)

... First-Lien Senior Secured Term Loan, Affirmed B3 (LGD2)

... First-Lien Last-Out Senior Secured Term Loan, Affirmed Caa3 (LGD3)

... Second-Lien Senior Secured Term Loan, Affirmed Ca (LGD5)

RATINGS RATIONALE

Fieldwood plans to reduce leverage, boost liquidity and refinance its first lien debt and LC facility through the bankruptcy process. The company had previously entered into a forbearance agreement with some its lenders and did not make interest payments on its FLLO, SLTL and Sponsor SLTL facilities in December 2017. On February 14, 2018, Fieldwood and certain of its affiliates executed a restructuring support agreement with lenders holding 74.9% of the outstanding first lien term loans, lenders holding 71.6% of the outstanding first lien last-out term loans and lenders holding 88% of the outstanding second lien term loans.

Fieldwood Energy LLC is a Houston, Texas based private oil and gas E&P Company with primary producing assets on the US Gulf of Mexico shelf.

The principal methodology used in these ratings was Independent Exploration and Production Industry published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Sajjad Alam

Vice President - Senior Analyst

Corporate Finance Group

Moody's Investors Service, Inc.

250 Greenwich Street

New York, NY 10007

U.S.A.

JOURNALISTS: 1 212 553 0376

Client Service: 1 212 553 1653

Steven Wood

MD - Corporate Finance

Corporate Finance Group

JOURNALISTS: 1 212 553 0376

Client Service: 1 212 553 1653

Releasing Office:

Moody's Investors Service, Inc.

250 Greenwich Street

New York, NY 10007

U.S.A.

JOURNALISTS: 1 212 553 0376

Client Service: 1 212 553 1653

(C) 2018 Electronic News Publishing, source ENP Newswire

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Financials ($)
Sales 2018 4 708 M
EBIT 2018 2 083 M
Net income 2018 1 436 M
Debt 2018 3 864 M
Yield 2018 1,04%
P/E ratio 2018 22,85
P/E ratio 2019 20,65
EV / Sales 2018 7,60x
EV / Sales 2019 7,12x
Capitalization 31 895 M
Chart MOODY'S CORPORATION
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Moody's Corporation Technical Analysis Chart | MCO | US6153691059 | 4-Traders
Technical analysis trends MOODY'S CORPORATION
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Buy
Mean consensus HOLD
Number of Analysts 15
Average target price 174 $
Spread / Average Target 4,0%
EPS Revisions
Managers
NameTitle
Raymond W. McDaniel President, Chief Executive Officer & Director
Henry K. McKinnell Chairman
Tony Stoupas Chief Information Officer & Senior Vice President
Basil L. Anderson Independent Director
Ewald Kist Independent Director
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