Moody’s ups Canadian Natural Resources debt

Moody's Investors Service said it upgraded Canadian Natural Resources Ltd.’s senior unsecured ratings to Baa1 from Baa2.

The outlook is stable.

“CNRL's expected debt reduction of about 45% since year end 2020 will lead to a resilient balance sheet and strong debt metrics going forward,” Moody's analyst Paresh Chari said in a news release.

“We expect the company's free cash flow will fund debt repayment, its sizable dividend program, share repurchases and production growth, while maintaining retained cash flow to debt over 50%.”

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