Moody’s drops Ultra Petroleum, notes

Moody's Investors Service said it downgraded Ultra Petroleum Corp.'s corporate family rating to Caa1 from Ba3, probability of default rating to Caa1-PD, speculative grade liquidity rating to SGL-4 from SGL-3 and senior unsecured notes rating to Caa3 from B2.

The outlook is negative.

"The downgrade of Ultra's CFR to Caa1 reflects Moody's expectations that the company's cash flows will decline without the support of hedges in 2016, a weak liquidity profile and high leverage," Moody's vice president James Wilkins said in a news release.

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