S&P changes Berry Petroleum view to stable

S&P said it revised its outlook on Berry Petroleum Corp. to stable from negative and affirmed the B- issuer credit rating.

At the same time, the agency affirmed its B issue-level rating on the company's senior unsecured notes. The 2 recovery rating on the notes remains unchanged.

“The outlook revision reflects our expectation that Berry's credit measures will improve in 2021 and 2022 under our revised price deck assumptions,” S&P said in a news release.

“Based on our higher oil price assumption, and incorporating improvements in the company's cost structure, we now expect its FFO to debt to be about 30%, on average, in 2021 and 2022, which compares with our prior forecast for 20%.”

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