Moody's changes Cimarex to positive

Moody's Investors Service said it changed Cimarex Energy Co.'s rating outlook to positive from stable.

The company's Ba1 corporate family rating and SGL-2 speculative grade liquidity rating were affirmed.

"Cimarex's positive rating outlook reflects expected continued growth in production and reserves at competitive costs and while maintaining conservative financial leverage and a high level of capital discipline," Moody's vice president Gretchen French said in a news release.

"While Cimarex remains smaller than its investment-grade rated E&P peers and is using debt to fund its heavy capital spending program, we expect the company's size to be more in line with a Baa3 rating and its spending gap to narrow by 2015."

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