Moody’s ups Carrizo Oil, notes

Moody's Investors Service said it upgraded Carrizo Oil & Gas, Inc.'s corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and the ratings on its senior unsecured notes to B2 from B3.

The speculative grade liquidity rating was moved to SGL-3 from SGL-2.

The outlook is stable.

"The upgrade reflects Carrizo's improved credit metrics and growth in production volumes, as it continues the development of its Eagle Ford Basin and Delaware Basin acreage," Moody's vice president James Wilkins said in a news release.

"Despite continuing negative free cash flow, we expect the company to grow earnings and improve its credit metrics."

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