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Moody’s raises Osum, loan to Caa1
Moody's Investors Service said it upgraded Osum Production Corp.'s corporate family rating to Caa1 from Caa2, probability of default rating to Caa1-PD from Caa2-PD and $206 million senior secured term loan to Caa1 from Caa2.
The agency affirmed the B1 rating on Osum's $15 million super-priority senior secured revolver.
The outlook was changed to stable from negative.
"Osum's upgrade to Caa1 reflects the improved cash flow and credit metrics in 2017 and 2018 realized by higher oil prices," Moody's assistant vice president Paresh Chari said in a news release.
"The upgrade also reflects Osum's good liquidity driven by its sizeable cash balance."
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