Moody’s ups MEG Energy

Moody's Investors Service said it upgraded MEG Energy Corp.’s corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD, second-lien secured notes to Ba3 from B3 and senior unsecured notes to B3 from Caa2.

“The rating upgrade to B2 for MEG reflects the improving credit metrics in 2019 and 2020 due to narrower differentials and debt reduction funded with free cash flow. MEG's stable, low cost and long-lived asset base, and very good liquidity profile also supports the rating,” said Paresh Chari, Moody’s vice president and senior analyst, in a news release.

The outlook remains stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.