On November 10, Moody's downgraded PES Refining and Marketing corporate family rating from B1 to B3, probability of default rating dropped from B1-PD to B3-PD (meaning more likely to default), and downgraded ratings on certain loans from B1 to B3, with the overall outlook dropping from stable to negative (Note: Movement from non-investment grade B1 to B3 status indicates a trend from a highly speculative investment towards substantial investment risk). Moody's cited high leverage, weak refining margins predicted for 2017, high cost renewable fuel credits, maturation of debt in April 2018, and other factors as contributing to the downgrade, but mentioned PES's experienced management team as an asset.