Triangle Petroleum (TPLM) Probability of Default Rating Cut to 'D-PD' by Moody's; Outlook is Negative
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Moody's Investors Service, ("Moody's") downgraded Triangle USA Petroleum Corporation's (NYSE: TPLM)(TUSA) Probability of Default Rating (PDR) to D-PD from Caa2-PD, following the company's announcement that it has filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Concurrently, Moody's downgraded TUSA's Corporate Family Rating (CFR) to Ca from Caa2 and its senior unsecured notes rating to C from Caa3. The outlook remains negative.
Downgrades:
..Issuer: Triangle USA Petroleum Corporation
.... Probability of Default Rating, Downgraded to D-PD from Caa2-PD
.... Corporate Family Rating, Downgraded to Ca from Caa2
....Senior Unsecured Regular Bond/Debenture, Downgraded to C (LGD5) from Caa3 (LGD5)
Outlook Actions:
..Issuer: Triangle USA Petroleum Corporation
....Outlook, Remains Negative
RATINGS RATIONALE
The downgrade of TUSA's PDR to D-PD is a result of the bankruptcy filing. The downgrade of TUSA's other ratings reflect Moody's view of the potential overall recoveries.
Shortly following this rating action, Moody's will withdraw all ratings for the company consistent with Moody's practice for companies operating under the purview of the bankruptcy courts wherein information flow typically becomes much more limited. (Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com)
The principal methodology used in these ratings was Global Independent Exploration and Production Industry published in December 2011. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.
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