Moody’s Downgrades EXCO Resources Credit Profile to the Basement

We don’t mean to be piling on EXCO Resources–honest. We just report what we notice. We’ve been reporting for some time that EXCO appears to be in financial trouble (see our EXCO stories here). Just yesterday we brought you information about EXCO’s #1 stockholder, Wilbur L. Ross, Jr. (see EXCO Resources #1 Stockholder and his “Distressing” Investment). Today we noticed an investment bulletin issued by Moody’s Investors Services, one of the top two or three such credit ratings agencies that evaluate the credit worthiness of companies, governments, even countries. Moody’s issued a notice yesterday about EXCO–essentially downgrading the company’s credit risk to one of Moody’s lowest ratings categories–Caa1 and Caa3…

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