Moody’s drops, to withdraw Vanguard Natural

Moody's Investors Service said it downgraded Vanguard Natural Resources, LLC's probability of default rating to D-PD from Caa3-PD following the company's Feb. 1 Chapter 11 filing.

The agency simultaneously downgraded Vanguard's senior unsecured notes rating to C from Ca and affirmed its Caa3 corporate family rating and SGL-4 Speculative grade liquidity rating.

The outlook remains negative.

Following the aforementioned rating actions, Moody's said it will withdraw all ratings and the rating outlook of Vanguard consistent with its practice for companies operating under the purview of the bankruptcy courts wherein information flow typically becomes very limited.

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