Moody's alters NexTier view to stable

Moody's Investors Service said it changed NexTier Oilfield Solutions Inc. (Keane Group Holdings LLC) outlook to stable from negative. Moody's affirmed NexTier's corporate family rating at B2, probability of default rating at B2-PD and senior secured term loan rating at B3. The speculative grade liquidity rating was upgraded to SGL-1 from SGL-2.

"The change in NexTier's outlook to stable reflects our expectation that financial leverage will improve significantly through 2022 as the company grows EBITDA, benefits from its recent acquisition of Alamo Pressure Pumping, and maintains very good liquidity," said Jonathan Teitel, a Moody's analyst, in a press release.

The SGL-1 rating indicates very good liquidity supported by a large cash balance and availability under the revolving credit facility, the agency noted.

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