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Moody’s cuts Jonah Energy, loan
Moody's Investors Service said it downgraded Jonah Energy LLC’s corporate family rating to B2 from B1 and its term loan due 2021 to Caa1 from B3.
The outlook is stable and the speculative grade liquidity rating was withdrawn. This concludes the review started Jan. 21.
"Jonah's B2 CFR reflects its strong hedge book that will partially insulate it from low natural gas prices and our expectations the company will generate positive free cash flow that will be used to reduce its revolver borrowings in 2016-2017," Moody's vice president James Wilkins said in a news release.
"None-the-less, we expect Jonah's 2016 free cash flow to decline from 2015 levels due to low natural gas prices."
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