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Ultra Resources, Inc. -- Moody's downgrades Ultra Resources' CFR to Caa1; outlook negative

Moody's Investors Service (Moody's) downgraded the ratings of Ultra Resources, Inc. (Ultra), including the Corporate Family Rating (CFR) to Caa1 from B2, the ratings on the senior unsecured notes to Caa2 from Caa1 and each of the ratings on the secured first lien revolving credit facility and secured term loan to B1 from Ba3. "The downgrade of Ultra Resources' ratings reflects our expectation that it will generate weak earnings and cash flow-based credit metrics through 2019 as a result of reduced drilling activity and low realized natural gas prices," commented James Wilkins, Moody's Vice President.