Moody's rates W&T Offshore notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to W&T Offshore, Inc.'s planned $275 million of senior secured second-lien notes due 2026. Concurrently, Moody's placed W&T's Caa1 corporate family rating and Caa1-PD probability of default rating under review for upgrade. The SGL-4 speculative grade liquidity rating remains SGL-4. The outlook was changed to ratings on review from stable.

"The review of W&T Offshore's ratings reflects the company's pending refinancing and debt reduction, which extends its debt maturity profile, and commodity prices that support stronger credit metrics," commented Jonathan Teitel, a Moody's analyst, in a press release. W&T will use the proceeds in conjunction with cash

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