Moody’s ups Centennial Resource

Moody's Investors Service said it upgraded Centennial Resource Production, LLC's corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

Concurrently, Moody's also upgraded the ratings on its senior unsecured notes to B2 from B3.

The speculative grade liquidity rating was upgraded to SGL-1 from SGL-3.

The outlook is stable.

"The upgrade of CRP's ratings reflects the company's positive free cash flow generation as well as its improving liquidity position and leverage metrics," Elena Nadtotchi, senior vice president at Moody's, said in a news release.

"The upgrade is also supported by company's more defined financial strategy with respect to financial leverage targets and boosting shareholder returns."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.