Moody's rates EOG notes A3

Moody's Investors Service said it assigned an A3 rating to EOG Resources, Inc.'s proposed $1.25 billion senior unsecured notes due 2023.

The outlook is stable.

Proceeds from the proposed notes will be used to repay outstanding commercial paper borrowings, fund future capital expenditures and for general corporate purposes.

"While EOG's debt levels are rising in 2012, the company continues to successfully grow its oil production, execute on its asset sale program, and transform into a more balanced and larger oil and gas producer," Moody's vice president Gretchen French said in a news release.

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