Moody's ups Energy XXI Gulf Coast

Moody's Investors Service said it upgraded Energy XXI Gulf Coast, Inc.'s corporate family rating to Caa1 from Caa2 and assigned a Caa1 rating to the company's $338 million 16% second-lien junior secured notes due 2014. The agency also said it affirmed the Caa3 rating on Energy XXI's $276.5 million senior unsecured notes due 2013 and the speculative grade liquidity rating remains SGL-3.

The outlook is stable.

Its recent equity funded acquisition meaningfully increased the company's reserves and production base and improved its leverage metrics, Moody's said.

The company's property base remains concentrated in a few fields in the shallow water Gulf of Mexico, the agency said.

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