Seventy Seven Energy Inc. -- Moody's downgrades Seventy-Seven Energy's CFR to B2; outlook negative

Toronto, June 01, 2015 -- Moody's Investors Service, ("Moody's") downgraded Seventy Seven Energy Inc.'s ("SSE") Corporate Family Rating (CFR) to B2 from Ba3, its Probability of Default Rating (PDR) to B2-PD from Ba3-PD, its $500 million Notes due 2022 to Caa1 from B2, while its SGL-2 Speculative Grade Liquidity rating was unchanged. The debts of SSE's operating subsidiary, Seventy-Seven Operating LLC ("SSO") were downgraded as follows: the $500 million term loan to Ba2 from Ba1 and its $650 million Notes due 2019 to B3 from Ba3. The rating outlook was changed to negative from stable.

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