Moody’s ups Endeavor Energy, revises view to positive

Moody's Investors Service said it upgraded the corporate family and probability of default ratings for Endeavor Energy Resources LP to Ba3 from B1 and to Ba3-PD from B1-PD, respectively. The agency also raised the rating on the Endeavor’s senior unsecured notes to B1 from B2.

“Endeavor has rapidly grown its production and reserves and improved its leverage and cash flow metrics, even while substantially outspending cash flow. The company's large acreage position in the Midland Basin and competitive full cycle economics provide strong growth opportunity over the next several years,” said John Thieroff, a Moody's vice president, in a news release.

The agency changed its outlook for the company to positive from stable.

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