Moody's may downgrade Energen

Moody's Investors Service said it placed the Baa2 senior unsecured bonds of Energen Corp. and the A1 senior unsecured bonds of its subsidiary Alabama Gas Corp. under review for possible downgrade.

The agency said that while Energen is an investment-grade company with well-run and conservatively financed operations, it may be appropriate to rate it more as an exploration and production company now that its focus has evolved away from its regulated business and toward exploration and production.

In its review, Moody's will weigh Energen's exposure to exploration and production against the company's strong financial position, conservative business strategy and risk management practices.

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