Chesapeake Debt Cut Deeper Into Junk as Cash Dwindles in Rout

Chesapeake Energy Corp., the worst-performing stock in the S&P 500 index last year, had its debt rating cut deeper into junk as the collapse of oil prices saps cash flows needed to repay obligations.

Chesapeake’s corporate family rating was lowered three steps to Caa2 from B2 as part of a review of 12 exploration and production companies, Moody’s Investors Service said in a statement.

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