Moody’s ups Laredo Petroleum, notes

Moody's Investors Service said it upgraded Laredo Petroleum, Inc.'s corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and senior unsecured notes to B2 from B3.

The speculative grade liquidity rating was affirmed at SGL-2.

The outlook was changed to positive from stable.

"Laredo Petroleum significantly reduced its debt balances utilizing most of the Medallion sale proceeds," Moody's vice president Amol Joshi said in a news release.

"It strengthens Laredo's balance sheet and credit metrics while also improving its liquidity."

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