Moody’s ups Endeavor Energy, notes

Moody's Investors Service said it upgraded Endeavor Energy Resources, LP's corporate family rating to B2 from Caa1, probability of default rating to B2-PD from Caa1-PD and the senior unsecured notes rating to B3 from Caa2.

The outlook is stable.

"Endeavor's upgrade is driven by our expectation that the company will execute its growth plan, increasing both production and reserves. Endeavor has turned its production decline around substantially over the past 3-4 quarters and has also moderately improved its cost structure,” Moody's senior analyst Sreedhar Kona said in a news release.

“Endeavor has good liquidity to pursue its growth plan even in the current low commodity price environment, and has low leverage.”

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