Moody’s boosts Vital Energy

Moody's Investors Service said it upgraded Vital Energy, Inc.'s corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and senior unsecured notes rating to B2 from B3 and maintained the stable outlook. Vital's SGL-2 speculative grade liquidity rating remains unchanged.

"Vital Energy's upgrade and stable outlook reflect its leverage metrics likely remaining solid as the company's near-term free cash flow is used to pay down more debt or acquire additional assets and enhance cash flow," said Amol Joshi, Moody's vice president and senior credit officer, in a press release.

The agency noted, “Vital's 2024 production should comfortably exceed 100 thousand barrels of oil equivalent (boe) per day, materially higher than 2021-22 average volumes, and its exposure to prolific oil-weighted properties in the Permian Basin should support its growth.”

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