Moody's ups Clayton Williams

Moody's Investors Service said it upgraded Clayton Williams Energy's corporate family rating to B2 from B3.

Moody's also upgraded its rating on the $350 million senior unsecured notes to B3 and affirmed the SGL-3 speculative grade liquidity rating.

The outlook is stable.

"Clayton Williams has made a noteworthy transition to oil in four years. In 2007, about 57% of production and 42% of total proved reserves were natural gas. Now 76% of total proved reserves and 74% of production derive from oil and liquids with a reserve life extension of about four years," Moody's vice president Harry Schroeder said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.