Moody’s lifts Endeavor Energy

Moody’s Investors Service said it upgraded Endeavor Energy Resources, LP's corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and the senior unsecured notes rating to B2 from B3.

The outlook is stable.

"Endeavor has substantially increased its production and reserves through 2017 and 2018 and improved its financial leverage and cash flow metrics,” Sreedhar Kona, Moody's senior analyst, said in a news release.

“Benefiting from the large cash balance and the improved commodity price environment, the company pursued an aggressive drilling program without increasing its debt burden.

"The company's projected growth and lower cash flow outspend contribute to the stable outlook."

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