Moody's upgrades Magnolia notes

Moody's Investors Service said it raised Magnolia Oil & Gas Operating LLC's senior unsecured notes to B2 from B3 and affirmed its B1 corporate family rating and B1-PD probability of default rating. The SGL-1 speculative grade liquidity rating is unchanged, and the outlook is stable.

“The upgrade of the notes reflects Moody's expectation that Magnolia will continue to generate strong free cash flow and will minimize utilization of its secured bank facility,” the agency said in a press release.

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