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Ultra Resources, Inc. -- Moody's appends limited default designation to Ultra Resources' PDR

Moody's Investors Service (Moody's) affirmed Ultra Resources, Inc.'s (Ultra) Probability of Default Rating (PDR) at Caa1-PD and appended a limited default (LD) designation to the PDR following the announcement that it will exchange a majority of its senior unsecured notes due 2022 and senior unsecured notes due 2025 for new senior secured second lien notes due 2024. Moody's also affirmed the Caa1 Corporate Family Rating (CFR), downgraded the ratings on the senior unsecured notes to Caa3 from Caa2 and lowered the ratings on the first lien revolving credit facility and first lien term loan to B2 from B1.