Moody's Lowers Outlook on Chesapeake to Negative
YOUNGSTOWN, Ohio -- Moody's Investors Service has lowered its outlook on Chesapeake Energy Corp. to negative from stable, joining two other ratings services, Fitch Ratings and Standard & Poor's Ratings Services.
The downgrade comes amid almost daily revelations of insider deals and potential conflicts of interests involving Chesapeake's CEO, Aubrey McClendon (CLICK TO READ latest investigative report from Reuters). While McClendon's troubles are mentioned as one reason for the Moody's downgrade, the agency gave more prominence to its cash-flow spending gap.
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