Moody’s drops Hunt Oil to B1

Moody's Investors Service said it downgraded Hunt Oil Co.’s issuer rating to B1 from Ba3.

The outlook was changed to stable from negative.

"The downgrade of Hunt's rating to B1 reflects the ongoing suspension of operations at Yemen LNG, the uncertain timing for its resumption of operations and the cash contributions necessary to preserve the company's investment," Moody's senior vice president Pete Speer said in a news release.

"The stable rating outlook is supported by the company's good liquidity and expectations of continued support from its parent company."

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