Moody’s rates Vermilion notes B3

Moody's Investors Service said it assigned a B3 rating to Vermilion Energy Inc.'s proposed issuance of senior notes.

The company's existing ratings, including its B1 corporate family rating, were not affected by the offering.

The outlook remains stable.

"The notes issuance will repay revolver borrowings that will increase following the C$477 million net cash acquisition of Leucrotta, a Montney focused oil & gas producer," Paresh Chari, a Moody's analyst, said in a news release.

"Vermilion will generate significant free cash flow in 2022, which will be directed to further reducing revolver borrowings modestly lowering debt levels from 2021."

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