Moody’s downgrades Iracore to Caa1

Moody's Investors Service said it downgraded Iracore International Holdings, Inc.'s corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD and senior secured rating to Caa1 (LGD4) from B3 (LGD4).

The speculative grade liquidity rating was affirmed at SGL-3 and the outlook was changed to negative from stable.

"The downgrade of Iracore's ratings is driven by its weak operating results in 2014 and our expectation that the recent drop in the oil price will lead to further pressure on the company's cash flows in 2015," Moody’s vice president and senior credit officer Darren Kirk said in a news release.

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