Moody's ups Paramount Resources

Moody's Investors Service said it upgraded Paramount Resources Ltd.'s corporate family rating to B1 from B2, and its senior secured revolving credit facility rating to Ba3 from B1. The B2-PD probability of default rating was affirmed. The speculative grade liquidity rating was changed to SGL-2 (good) from SGL-3 (adequate).

"The upgrade of Paramount Resources reflects the significant amount of debt repayment from free cash flow that has led to strong leverage metrics and an improved liquidity profile in 2021," said Paresh Chari, a Moody's analyst, in a press release.

The outlook remains positive.

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