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Moody’s Puts 69 U.S. E&P, Oilfield Cos. On Review For Downgrade

Moody's Investors Service puts 69 US exploration and production (E&P) and oilfield services cos. on review for ratings downgrade, agency says Friday.

• Producing cos. and drillers and service cos. supporting them to see rising financial stress: Moody's

• Moody's also reevaluating higher and lower rated cos.

• Lower oil prices to further weaken cash flows for E&P cos. and upstream portion of integrated oil and gas cos.

• Credit quality seen deteriorating for all drilling and oilfield services players in 2016

• Multi-notch downgrades particularly likely among issuers whose activities are centered in North America

• Moody's expects to conclude a majority of the reviews by the end of the first quarter.