Moody's upgrades Moss Creek

Moody's Investors Service said it upgraded Moss Creek Resources Holdings, Inc.'s corporate family rating to B3 from Caa1, its probability of default rating to B3-PD from Caa1-PD and its senior unsecured notes rating to Caa1 from Caa2. Concurrently, Moody's changed the rating outlook to stable from negative.

"Moss Creek's ratings upgrade reflects the company's improved inventory position through the Grenadier acquisition, its capital discipline while maintaining meaningful production size and a more supportive commodity price environment underpinned by significant hedging," commented Sreedhar Kona, a Moody's senior analyst, in a press release.

"While the company has increased its debt burden with the acquisition, it has visibility to reduce debt through free cash flow generation, further contributing to the upgrade and stable outlook,” Kona said.

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