The above was based on the company's announcement of the final results of its debt exchange wherein holders exchanged part of unsecured notes due 2019, 2020 and 2022 for new junior lien notes due 2023 and 2024. The credit rating agency considered this transaction a distressed exchange, in other words, a default according to them. Moreover, Moody's appended the PDR with an "/LD", indicating a limited default. However, it will be removed after three business days.