Moody’s changes BCP Raptor view to negative

Moody’s Investors Service said it changed BCP Raptor, LLC’s (EagleClaw) rating outlook to negative. Concurrently, Moody’s affirmed EagleClaw’s B3 corporate family rating, B3-PD probability of default rating and the B3 senior secured term loan rating.

“The commodity price collapse in the first quarter 2020 precipitated substantial producing well shut-ins by oil and gas producers across the United States, including EagleClaw’s customers. The negative outlook reflects the potential for EagleClaw’s credit metrics to further weaken should this trend not reverse itself before the end of 2020,” said Sreedhar Kona, a Moody’s senior analyst, in a press release.

“The company’s volume growth through 2019, its enhanced scale from integration with BCP Raptor II, LLC, sponsor support and adequate liquidity present the company with opportunities for cash flow growth when the commodity price environment improves,” Kona said.

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