Moody's cuts HighPoint

Moody's Investors Service said it downgraded HighPoint Operating Corp.'s corporate family rating to Ca from Caa2, probability of default rating to C-PD from Caa2-PD and senior unsecured notes ratings to C from Caa3. Moody's also downgraded HighPoint's speculative grade liquidity rating to SGL-4 from SGL-3.

"The downgrade of HighPoint's ratings reflect the high risk of default, either as a result of our deeming the company's planned bond exchange a distressed exchange if completed out of court or the company filing a plan of reorganization under Chapter 11," said Jonathan Teitel, a Moody's analyst, in a press release.

The outlook remains negative.

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