Moody’s: PDC Energy, SRC Energy on positive review

Moody's Investors Service said it placed ratings for PDC Energy Inc. and SRC Energy Inc. under review for upgrade on news PDC plans to acquire SRC in an all-stock deal.

Outlooks on both companies were stable before being put on review.

“The review will focus on the pro forma capital structure of the combined company, including the size of the secured revolving credit facility. It will also consider PDC's strategic direction, the plans for developing its Delaware Basin in the Permian and DJ Basin properties, and potential changes to the company's financial policy, as the company is increasing its share buyback authorization to $525 million from $200 million,” said Moody’s in a press release.

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