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Moody's Downgrades Sabine After $1.7B Default

Law360, New York (April 2, 2015, 8:14 PM EDT) -- Moody's Investors Service downgraded Sabine Oil & Gas Corp.'s ratings further into junk territory Thursday after the company's recent announcement that its debt could push the company into bankruptcy.

The Houston-based oil exploration and production company said in its annual report Tuesday that it had defaulted on $1.7 billion in debt that could trigger lenders to accelerate the due dates of the company's debt. As a result, Moody's dropped Sabine's corporate family rating and second lien term loan rating to Caa3 and its unsecured notes rating...
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