Fitch upgrades Endeavor Energy

Fitch Ratings said it upgraded Endeavor Energy Resources, LP’s issuer rating to BB+ from BB. Fitch also affirmed the BBB-/RR1 rating for Endeavor’s senior secured bank credit facility and the BB+/RR2 rating for its unsecured notes. The agency revised the outlook to positive from stable.

“The upgrade reflects Endeavor’s reestablishment of operational momentum, Fitch’s expectation that production size will reach about 175 thousand barrels per day (mboepd), and maintenance of mid-cycle debt/EBITDA below 2x,” the agency said in a press release.

The outlook reflects an expectation for continued production growth momentum and development return improvements to continue strengthening its cash flow profile over the next 12-18 months, Fitch said.

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