Moody's ups CrownRock, rates notes Caa1

Moody's Investors Service said it upgraded CrownRock, LP's corporate family rating and probability of default rating to B3 and B3-PD from Caa1 and Caa1-PD, respectively.

Moody's also assigned a Caa1 rating to CrownRock's proposed senior unsecured notes due 2021.

Proceeds will be used to repay the full amount outstanding under its revolving credit facility and its $150 million senior unsecured notes due 2016 and fund its drilling program.

The outlook is stable.

Moody's said the Caa1 rating on the proposed senior notes reflects both the overall probability of default of CrownRock, to which the agency assigns B3-PD, and a loss given default of LGD 5 (74%).

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