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Moody's downgrades Hunt Oil
Moody's Investors Service said it downgraded Hunt Oil Co.'s rating to B3. The outlook was changed to negative from under review. This rating action concludes the ratings review started on Jan. 7.
"Hunt's B3 issuer rating reflects its weak credit metrics and high level of structural subordination of its creditors to debts outstanding at its subsidiaries," said Pete Speer, a Moody's senior vice president, in a press release. "The rating is buttressed by the financial support provided by its parent company, Hunt Consolidated, and its financial capacity to provide further support, if needed."
The negative outlook indicates Moody's concerns regarding Hunt's lack of its own committed revolving credit facility to meet its liquidity requirements, its weak cash flow based credit metrics and the challenges of weak commodity prices.
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