Moody's: Endeavor unaffected

Moody's Investors Service said Endeavor Energy Resources, LP's proposed $100 million add-on to its existing $250 million 7% notes due 2021 does not impact the note's B3 rating, the B1 corporate family rating or the stable outlook.

Proceeds will be used to repay revolving credit facility borrowings.

The agency said the B1 corporate family rating reflects Endeavor's high-quality Permian-focused asset base and large, oil-weighted drilling inventory with upside production trends based on proven and statistically repeatable well characteristics.

The rating is restrained by the company's scale in terms of production and reserves, high leverage and weak capital efficiency relative to higher rated exploration and production companies, Moody's said.

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