Moody's may up Berry Petroleum

Moody's Investors Service said it placed Berry Petroleum Co.'s B1 corporate family and probability-of-default ratings and B3 (LGD5, 87%) senior subordinated notes under review for upgrade.

The review for upgrade reflects Berry's meaningful progress in its transition from a pure California heavy oil producer to also becoming an established Rocky Mountain region natural gas producer, the agency said.

The company's historical measures are more indicative of a Ba3 rating but when Moody's assigned the B1 corporate family rating in October 2006, the company had just completed a couple of debt-funded acquisitions, the agency noted.

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