Moody’s ups Precision Drilling

Moody’s Investors Service said it upgraded Precision Drilling Corp.'s corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD, senior unsecured notes rating to B2 from B3, and the speculative grade liquidity rating to SGL-1 from SGL-2.

The outlook remains stable.

“The rating upgrade to B1 for Precision reflects the roughly $225 million in debt reduction that has occurred since the beginning of 2018 and further debt reduction that will occur, leading to leverage below 4x in 2020,” Paresh Chari, vice president and senior analyst at Moody’s, said in a news release.

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