Moody's ups Paramount

Moody's Investors Service said it raised the rating for Paramount Resources Ltd.'s senior secured notes to Caa1 (LGD 4, 56%) from Caa2 (LGD 4, 60%).

Moody's said it also affirmed Paramount's Caa1 corporate family rating and the Caa1 probability of default rating.

The outlook remains stable.

The agency added that the upgrade of the senior secured notes rating reflects the repayment of the company's senior secured term loan and the repurchase of some of its senior secured notes following the company's sales of its oil sands assets.

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