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Moody's ups Delta Petroleum to SGL-3
Moody's Investors Service said it is raising Delta Petroleum Corp.'s speculative-grade liquidity rating to SGL-3 from SGL-4 and is also changing the outlook to positive from stable.
With this action, Moody's said it also affirms Delta's Caa1 corporate family rating and Delta's current 7% senior unsecured notes Caa2 rating.
However, under Moody's loss given default methodology, the LGD assessment and point estimate for the notes is changing to LGD 4, 69% from LGD 5, 75%, the agency noted.
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