Moody's upgrades Endeavor Energy

Moody's Investors Service said it upgraded Endeavor Energy Resources, LP's corporate family rating to Ba2 from Ba3, its probability of default rating to Ba2-PD from Ba3-PD and its senior unsecured rating to Ba3 from B1. At the same time, Moody's also changed Endeavor's outlook to positive from stable.

"The upgrade of Endeavor's ratings reflects its increased scale and high cash margins that will support free cash flow generation and continued production growth in 2021," commented John Thieroff, a Moody's senior credit officer, in a press release.

"The company's large core acreage position in the Midland Basin and competitive full-cycle economics provide strong growth opportunity in most oil price environments for at least the next several years," Thieroff added.

The outlook reflects the expectation Endeavor will generate production growth and free cash flow while maintaining low leverage and excellent liquidity, Moody’s said.

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