Moody's downgrades RAAM

Moody's Investors Service said it downgraded RAAM Global Energy Co.'s probability of default rating to D-PD from Caa2-PD, corporate family rating to Ca from Caa2 and senior secured notes to C from Caa3. The ratings will be withdrawn.

RAAM did not make its scheduled interest payment to the holders of the notes on April 1 and had a 30-day grace period, which has now expired. On May 5, it terminated its registration with Securities and Exchange Commission and became a non-filer.

Moody's believes that RAAM did not make the interest payment by the end of the grace period and thus deems that a default has occurred.

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