Moody's Investors Service on Aug. 7 downgraded independent exploration and production company Halcón Resources Corp.'s probability-of-default rating from Caa2-PD to D-PD, its corporate family rating from Caa2 to Caa3 and the rating of its senior unsecured notes from Caa3 to Ca. The outlook remains negative.
The downgrade comes after the company filed for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas to pursue a prepackaged plan of reorganization. Moody's said it will withdraw all of the company's ratings shortly after the current ratings action.
