Moody’s rates Centennial notes Caa1

Moody’s Investors Service said it assigned a Caa1 rating to Centennial Resource Production, LLC’s new second-lien senior secured notes, and upgraded the senior unsecured notes ratings to Caa2 from Caa3.

The agency also affirmed Centennial’s Caa1 rating, but upgraded the probability of default rating to Caa1-PD from Ca-PD.

“CRP’s liquidity position has improved because of the covenant relief and borrowing base redetermination, but remains relatively weak due to low operating cash flow generation amid low oil prices,” Moody’s said in a press release.

The outlook is stable.

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