Moody's ups Vanguard Natural

Moody's Investors Service said it upgraded Vanguard Natural Resources, LLC's corporate family rating and probability of default rating to B1 and B1-PD from B2 and B2-PD, respectively.

In a related action, Moody's upgraded Vanguard's senior unsecured notes due 2020 to B3 from Caa1.

The outlook is stable.

"Vanguard's upgrade to B1 reflects the increase in its predominantly proved developed reserve base, and associated expected increase in production in 2013," Moody's analyst Arvinder Saluja said in a news release.

"Even though the acquisitions were initially funded through revolver borrowings, the company has shown a willingness to issue equity to reduce that indebtedness."

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