Moody’s cuts Ultra Resources

Moody’s Investors Service said it downgraded Ultra Resources, Inc.’s probability of default rating to D-PD from CA-PD.

Moody’s affirmed Ultra’s other ratings, including its Ca corporate family rating, Caa2 rating on its senior secured bank credit facility and C ratings on its second-lien senior secured notes and senior unsecured notes.

The outlook remains negative.

These actions follow Ultra’s Thursday voluntary filing for bankruptcy under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Moody’s said.

Moody’s will withdraw all its ratings on Ultra, the agency said.

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