Moody’s ups Coterra debt

Moody's Investors Service said it upgraded Coterra Energy Inc.'s senior unsecured rating to Baa2 from Baa3.

The outlook was changed to stable from positive.

“Coterra benefits from its basin diversity, very low absolute debt and considerable scale although weighted towards natural gas in its production mix,” Sreedhar Kona, Moody's senior analyst, said in a news release.

“The company has demonstrated its continued commitment to conservative financial policies, capital discipline and focus on free cash flow generation, consistent with the long track records of its predecessors, Cimarex Energy and Cabot Oil & Gas.

“The company's announced redemption of $750 million of its 2024 notes further solidifies the durability of the company's balance sheet and free cash flow generation through commodity price cycles.”

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