Moody’s rates Fieldwood Energy, loans

Moody's Investors Service said it assigned Fieldwood Energy LLC a B3 corporate family rating, a B3-PD probability of default rating, a B1 rating to its first-lien secured term loan and a Caa1 rating to its second-lien term loan.

The outlook is positive.

"Fieldwood has significantly reduced its debt burden and has a more sustainable capital structure after eliminating over $1.6 billion of debt through a pre-packaged Chapter 11 bankruptcy process," Moody's senior analyst Sajjad Alam said in a news release.

"However, despite leverage reduction as well as scale enhancement through the April 2018 acquisition of Noble Energy's deepwater assets, the company will need to demonstrate consistent and improved operational execution, capital efficiency and liquidity to be rated at a higher level."

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