Moody’s cuts Triangle USA, debt

Moody's Investors Service said it downgraded Triangle USA Petroleum Corp.’s probability of default rating to D-PD from Caa2-PD following its announcement that it filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.

Concurrently, the agency downgraded the corporate family rating to Ca from Caa2 and its senior unsecured notes rating to C from Caa3.

The outlook remains negative.

The downgrade the probability of default rating to D-PD is a result of the bankruptcy filing, Moody’s said. The downgrade of the other ratings reflect the agency’s view of the potential overall recoveries.

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