Moody’s trims HighPoint

Moody's Investors Service said it downgraded HighPoint Operating Corp.'s corporate family rating to Caa2 from B3, probability of default rating to Caa2-PD from B3-PD, and senior unsecured notes rating to Caa3 from Caa1.

HighPoint's speculative grade liquidity rating remains at SGL-3.

The outlook was changed to negative from stable.

“The downgrade of HighPoint's ratings reflects the negative impact from the weak oil and gas price environment on credit quality, increasing refinancing risks as debt maturities approach and a high cost of capital which elevates risks of restructuring and default,” Jonathan Teitel, Moody's analyst, said in a news release.

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