Moody's ups EXCO to Ba2, rates notes B3

Moody's Investors Service said it assigned a B3 rating to EXCO Resources, Inc.'s $400 million senior unsecured notes and affirmed its B1 corporate family rating.

The agency also upgraded EXCO's senior secured rating to Ba2 from Ba3.

Proceeds will be used to repay EXCO's first-lien term loan, with the balance used to repay a portion of the outstandings drawn under its revolving credit facility.

The outlook is stable.

"Moody's regards this transaction as an opportunity for EXCO to further bolster its liquidity," Moody's vice president Andrew Brooks said in a news release, "as it prepares to grow its investment in its recently acquired Eagle Ford Shale acreage."

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