Credit: Templar Energy sees $1.45bn debt downgraded

[Context: On Jul 13, Templar Energy, backed by First Reserve and Trilantic, saw $1.45bn of debt get downgraded by Moody’s. Templar acquired its position from Forest Oil and Newfield.]
Rating Action: Moody’s assigns limited default to Templar
 $1.45 billion of rated debt affected

New York, July 13, 2016 — Moody’s Investors Service, (“Moody’s”) assigned a limited default (LD) designation to Templar Energy LLC’s Ca-PD probability of default rating (PDR), changing the PDR to Ca-PD/LD from Ca-PD. Moody’s affirmed Templar’s Ca Corporate Family Rating (CFR) and downgraded its second lien notes rating to C from Ca The outlook remains negative.

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