In response to the Independent Tankers Corp subsidiary's Chapter 11 bankruptcy filing, the agency downgraded the company's 7.84% term secured notes rating to "Ca" from "Caa2".
"The downgrade of [Windsor Petroleum's] term notes rating to Ca reflects Moody's expectation that the recovery rate on the term notes will range between 35% to 65% based on a market assessment of its assets," Moody's told clients Wednesday.
The
