Moody's downgrades Comstock

Moody's Investors Service said it lowered Comstock Resources, Inc.'s corporate family rating to B2 from B1 and senior notes to B3 from B2.

The outlook is stable.

Moody's said the note rating reflects both the overall probability of default of Comstock, to which the agency assigns a B2 and a loss given default of LGD5-88%.

The size of the senior secured revolver's priority claim relative to the senior unsecured notes results in the notes being rated one notch beneath the B2 corporate family rating under Moody's loss given default methodology.

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