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Moody's lifts EXCO Resources
Moody's Investors Service said it upgraded EXCO Resources, Inc.'s corporate family rating to B1 from B2, probability of default rating to B1 from B2, and senior unsecured note rating to B3 (LGD 5; 84%) from Caa1 (LGD 5; 84%).
The outlook is positive.
The ratings had been under review for upgrade since July 17, the agency noted.
These rating actions reflect EXCO's completion of its major de-leveraging program, yielding about $2 billion in debt reduction this year, the agency said.
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