Moody’s upgrades Concho Resources

Moody’s Investors Service said it upgraded Concho Resources Inc.’s senior unsecured rating to Baa3 from Ba1.

The agency also withdrew Concho's Ba1 corporate family rating, Ba1-PD probability of default rating and SGL-1 speculative grade liquidity rating.

The outlook was changed to stable from positive.

"The upgrade acknowledges Concho's commitment to maintain credit metrics and financial philosophy appropriate for the investment grade Baa3 rating as it continues growing in the Permian Basin," Arvinder Saluja, Moody's vice president, said in a news release.

"The upgrade is not contingent upon the closing of Concho's acquisition of RSP Permian."

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