Seventy Seven Energy Inc. -- Moody's Downgrades Seventy Seven Energy; outlook remains negative

New York, November 17, 2015 -- Moody's Investors Service, (Moody's) downgraded Seventy Seven Energy Inc.'s (SSE) Corporate Family Rating (CFR) to Caa1 from B2, its Probability of Default Rating (PDR) to Caa1-PD from B2-PD, and its senior unsecured notes due 2022 to Caa3 from Caa1. At the same time, SSE's Speculative Grade Liquidity rating was lowered to SGL-3 from SGL-2. The debts of SSE's operating subsidiary, Seventy-Seven Operating LLC ("SSO") were downgraded as follows: its senior secured term loan to B1 from Ba2 and its senior unsecured notes due 2019 to Caa2 from B3. The rating outlook remains negative.

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