Analyst: Chesapeake Energy's Credit Ratio Getting Worse Despite Maneuvering

From Seeking Alpha:
Chesapeake Energy's (NYSE:CHK) credit ratios continue to not improve. Put another way, Chesapeake has failed to deleverage - despite reducing net debt by dollar volume. This is also despite costly financial engineering; which has seen the junior tranches of the capital structure further primed and all but abandoned in a comprehensive usurping of enterprise collateral. In fact, despite all this, Chesapeake's credit ratios continue to deteriorate. Yes, deteriorate. They have been for several quarters now, sequentially. 
That Chesapeake's credit ratios continue to deteriorate is a scary realization for those long any junior exposure - specifically, the last-in-seniority equity class. This is something I've been watching for a while now. In this note, I'll reiterate and update. First though, I should lay out some housekeeping items. 
The revenue numbers in the data visuals below are NOT taken from SEC filings but from Thomson Reuters' I/B/E/S and Reuters Fundamentals. What's the difference? These historical numbers include analysts' adjustments (with the forward-looking estimates being just that, estimates). Therefore, they may not match reported GAAP/IFRS numbers. Why would Thomson Reuters' I/B/E/S, Reuters Fundamentals, et al., prefer to use these "adjusted" figures rather than "as reported" figures? Using the adjusted figures gives a cleaner read on progressive fundamentals.
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