Fitch downgrades Jones Energy, debt

Fitch Ratings said it downgraded the long-term issuer default rating of Jones Energy Holdings, LLC and its parent Jones Energy Inc. to CCC- from CCC.

The downgrade reflects Fitch's updated corporate rating criteria that expanded the CCC rating range to include “+” and “-” modifiers.

The action resolves the negative watch for both entities.

Concurrently, the agency downgraded Jones’ revolving credit facility and first-lien bond ratings to B-/RR1 from B/RR1 and senior unsecured notes ratings to CC/RR5 from CCC-/RR5. In Fitch's recovery ratings scale, RR1 denotes 91%-100% expected recovery upon default while RR5 denotes 11%-30% expected recovery.

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