Moody's reviews PDC Energy for upgrade

Moody's Investors Service said it placed PDC Energy, Inc.'s ratings on review for upgrade, including its Ba2 corporate family rating and its Ba3 senior unsecured rating. PDC's outlook is changed to ratings under review from stable.

The review was triggered by investment-grade rated Chevron Corp. agreeing to buy PDC in a $7.6 billion all-stock deal, including PDC’s debt, the agency said. The transaction is expected to close by year-end 2023, subject to PDC shareholder and regulatory approvals and other customary closing conditions.

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