Moody’s: Ultra Petroleum to Ca-PD/LD

Moody's Investors Service said it changed Ultra Petroleum Corp.'s probability of default rating to Ca-PD/LD from Ca-PD.

Concurrently, the agency affirmed Ultra's Ca corporate family rating, C senior unsecured note rating and the SGL-4 speculative grade liquidity rating.

The outlook remains negative.

The appending of the probability of default rating with an "/LD" designation indicates limited default, reflecting the recent announcement by the company that it had entered into waiver and amendment agreements covering certain of its debt obligations and would defer interest and principal payments due March 1. Missing an interest or principal payment according to the terms of the original debt agreements, after the applicable grace period, is a default under Moody's definition of default.

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