Moody's assigns a limited default (LD) designation to Ascent Resources -- Marcellus' PDR
New York, November 17, 2016-- Moody's Investors Service, assigned a limited default designation to Ascent Resources-- Marcellus, LLC's Ca-PD Probability of Default Rating, changing the PDR to Ca-PD/LD from Ca-PD. This action follows the company's purchase of $102 million of its $450 million second lien term loan at a deep discount. Ascent's Loss Given Default point estimate on its second lien term loan was revised to LGD-5 from LGD-6 and its LGD point estimate on its first lien term...
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