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Moody’s ups HighPoint, notes
Moody's Investors Service said it upgraded HighPoint Operating Corp.’s (formerly Bill Barrett Corp.) corporate family rating to B3 from Caa1 and probability of default rating to B3-PD from Caa1-PD.
Concurrently, the agency upgraded the company's 7% senior unsecured notes due 2022 and 8¾% senior unsecured notes due 2025 to Caa1 from Caa2.
Moody's affirmed the speculative grade liquidity rating at SGL-3.
The outlook is stable.
"The upgrade of HighPoint's ratings reflect Moody's expectation for continued improvement in credit metrics, particularly following a number of credit positive actions HighPoint took in late 2017 and early 2018," Moody’s analyst Jonathan Teitel said in a news release.
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