Moody's may upgrade Double Eagle

Moody's Investors Service said it placed the ratings of Double Eagle III Midco 1 LLC under review for upgrade.

The review of Double Eagle's ratings follows Pioneer Natural Resources Co.'s (Baa2 stable) announcement on April 1 that it will acquire Double Eagle's parent company, DoublePoint Energy, LLC (DoublePoint), for approximately $6.4 billion in enterprise value.

“The proposed transaction is a positive development for Double Eagle's bondholders, given Pioneer's much stronger credit profile,” said Sajjad Alam, Moody's vice president - senior analyst, in a news release.

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