Moody's ups Unit notes to B2

Moody's Investors Service said it upgraded Unit Corp.'s corporate family rating to Ba3 from B1 and its senior subordinated notes to B2 from B3.

The SGL-2 speculative grade liquidity rating remains unchanged.

The outlook is stable.

"The upgrade reflects ongoing successful execution of Unit's strategy to boost its upstream oil and NGL volumes (42% in the first quarter of 2012) and a solidified reserves and production base," Moody's analyst Sajjad Alam said in a news release.

"Unit's ability to concurrently strengthen its drilling and midstream businesses while maintaining a conservative balance sheet is also a contributing factor for the upgrade," Alam added in the release.

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