We expect U.S.-based oil and gas exploration and production company Moss Creek Resources Holdings Inc.'s credit measures to weaken because of the recent decline in commodity prices. As the company cuts capital expenditures (capex) to below maintenance levels while producing negative free cash flow over the next two years, we view the capital structure as unsustainable at our commodity price assumptions. As a result, we are lowering our issuer credit rating on Moss Creek to 'CCC+' from 'B' and our rating on the senior unsecured debt to 'B-' from 'B+'. Our negative outlook reflects our expectation that Moss Creek will outspend cash flows over the next year despite sharply cutting its capex. Our negative outlook reflects our expectation that Moss
