The impact of falling oil prices has extended beyond the debt of exploration and production companies to some of their biggest creditors - collateralized loan obligations.

Investors have been unloading loans and bonds issued by E&P companies amid concern that cheaper oil will hurt their returns. And ratings agencies in the past few weeks have dimmed their outlooks for various segments of exploration and production, oilfield services and drilling industries; they are calling for a strain on operating margins that might see result in revenue declines of 12% to 17% in E&P and offshore drilling.

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