Moody's lowers Stallion

Moody's Investors Service said it downgraded Stallion Oilfield Services Ltd.'s corporate family and probability-of-default ratings to B3 from B2 and downgraded the $300 million senior unsecured notes and $250 million senior unsecured term loan to Caa1, (LGD4, 66%) from B3 (LGD4, 66%) and its $75 million senior secured term loan and $175 million senior secured revolver to Ba3 (LGD2, 10%) from Ba2 (LGD1, 9%).

The outlook is changed to stable from negative.

"The downgrade of Stallion's ratings reflects the company's significant increase in financial leverage combined with softer market conditions and an uncertain outlook for its planned equity offering," Pete Speer, Moody's vice president and senior analyst, said in a written statement.

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