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Moody's: SM Energy notes B1
Moody's Investors Service said it assigned a B1 rating to SM Energy Co.'s proposed offering of $300 million senior notes due 2023.
The agency said it also raised SM Energy's speculative grade liquidity rating to SGL-2 from SGL-3. The outlook is positive.
"This senior notes offering enhances SM Energy's liquidity by refinancing its revolver borrowings on a long-term basis," said Pete Speer, a Moody's vice president, in a news release.
"The company will have almost full availability on its revolving credit facility to fund its growth capital expenditures well into 2013," Speer said.
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