Moody's rates Athlon notes Caa1

Moody's Investors Service said it assigned the following ratings to Athlon Holdings LP: B3 corporate family rating; a B3-PD probability of default rating; and a Caa1 rating to the company's proposed $400 million senior unsecured notes.

Moody's also assigned an SGL-3 speculative grade liquidity rating reflecting adequate liquidity.

The outlook is stable.

Moody's said the Caa1 rating on the unsecured notes reflects both the overall probability of default of Athlon, to which Moody's assigns a B3-PD, and a loss given default of LGD5 (73%).

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