Moody's rates Baytex notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Baytex Energy Corp.'s proposed $780 million senior unsecured notes.

Baytex's existing senior unsecured notes were affirmed at B1, but will be upgraded to Ba3 once the Aurora acquisition closes.

The outlook was changed to positive from developing.

The corporate family rating of Ba3, probability of default rating of Ba3-PD and the speculative grade liquidity rating of SGL-3 was affirmed.

Proceeds from the notes will be used to fund the tender offer for Aurora Oil & Gas USA Ltd.'s $665 million senior unsecured notes.

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