Moody's upgrades Endeavor Energy

Moody's Investors Service said it raised Endeavor Energy Resources, LP's corporate family rating to Ba1 from Ba2, probability of default rating to Ba1-PD from Ba2-PD and senior unsecured notes to Ba2 from Ba3. The outlook was revised to stable from positive.

"The upgrade reflects Endeavor's increased scale, reduced debt balance and our expectation of continued growth and free cash flow generation under favorable price conditions through 2023," said Sajjad Alam, a Moody's vice president, in a press release.

"The company's large drilling program, high level of capital spending and competitive full-cycle economics should drive significant growth and further strengthen its credit profile over the next several years," Alam added.

The outlook indicates Endeavor's low leverage, low breakeven costs and significant free cash flow generation prospects through 2023, the agency said.

© 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.