LGCY - Legacy Reserves: A Path Worth Considering
The market can be an awfully confusing place, in part because there are so many divergent views about where individual company valuations and where the broader market valuation, belongs. Case-in-point, we need only look at Legacy Reserves (LGCY) and its debt position. Recently, on January 10th to be precise, Moody’s (MCO) decided to downgrade the firm’s credit rating to Caa3. This is only the second step away from bonds that are in default and suggests a high risk for lenders. On the other hand, though, you have people like myself, as