Moody's ups Quicksilver outlook to stable

Moody's Investors Service said it changed the outlook for Quicksilver Resources, Inc. to stable from negative.

This rating action follows the company's announced agreement to sell its midstream business and use the cash proceeds for debt reduction, the agency said.

Moody's said it also affirmed Quicksilver's B1 corporate family rating, the B2 ratings on the company's senior unsecured notes and the B3 senior subordinated notes rating.

"This transaction will significantly reduce Quicksilver's debt burden and improve its liquidity," commented Pete Speer, Moody's vice president.

"The company's leverage metrics will greatly improve to more comfortable levels for the current natural gas price environment."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.