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Moody’s assigns Eclipse 3.51 covenant score
Moody’s Investors Service said it assigned an overall covenant quality score of 3.51 to Eclipse Resources Corp.’s $650 million senior Notes due 2023.
Moody’s said it scores covenant protections on a five-point scale with 1.0 denoting the strongest covenant protections for investors and 5.0, the weakest.
Eclipse’s score compares with the U.S. average of 3.63 and the peer group average of 3.61, the agency said.
Moody’s covenant quality snapshots assess investor protections in six key risk categories: cash leakage (dividends), risky investments, leveraging, liens subordination, structural subordination and change of control.
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