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Moody's upgrades Dune Energy
Moody's Investors Service said it revised Dune Energy, Inc.'s probability of default rating to Caa3/LD from Ca following the closing of the debt exchange offer for the company's 10½% secured notes.
Simultaneously, Moody's said it upgraded the corporate family rating to Caa3, reflecting Dune's less onerous post-exchange capital structure, and affirmed the Ca rating on the secured notes.
Dune's SGL-4 speculative grade liquidity rating remained unchanged.
The outlook is negative.
Moody's said the revision of the probability of default rating reflects its view that the exchange transaction constitutes a distressed exchange.
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