Moody’s lowers Ultra Petroleum, notes

Moody's Investors Service said it downgraded Ultra Petroleum Corp.'s corporate family rating to Ca from Caa1, probability of default rating to Ca-PD from Caa1-PD and senior unsecured note rating to C from Caa3.

The SGL-4 speculative grade liquidity rating was affirmed.

The outlook is negative.

"The downgrade of Ultra's CFR to Ca follows the company's announcement that it has hired advisors to restructure its debt and is seeking to enter into forbearance agreements that would allow it to suspend debt principal and interest payments," Moody's vice president James Wilkins said in a news release.

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