Moody's confirms Gastar

Moody's Investors Service said it confirmed Gastar Exploration USA, Inc.'s senior secured note rating at Caa3 (LGD 4, 53% from LGD 3, 43%).

In addition, Moody's said it also confirmed Gastar's Caa3 corporate family rating and probability of default rating while the speculative-grade rating remains SGL-4 and the outlook is negative.

This concludes its review for possible downgrade, which was initiated on Nov. 18 due to its concern regarding an impending covenant violation per its bank facility and external funding needs, the agency said.

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