S&P changes Endeavor Energy view to positive

S&P said it changed the outlook for Endeavor Energy Resources LP to positive from negative and affirmed the BB- ratings on the company and its unsecured debt. The recovery rating remains 3; reflecting an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in default.

“We expect Endeavor’s financial metrics will be much stronger in 2021 while production and reserves continue to grow. We expect funds from operations (FFO) to debt and debt to EBITDA will rebound to more conservative levels, averaging around 60% and 1.5x over the next two years, respectively, compared to substantially weaker metrics and greater cash outflows in 2020,” S&P said in a press release.

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