Moody's rates Alta Mesa notes B3

Moody's Investors Service said it assigned a probability of default rating of B2 and corporate family rating of B2 to Alta Mesa Holdings LP and a senior unsecured regular bond/debenture rating of B3 (LGD 4, 69%) to its $300 million senior unsecured note offering.

The outlook is stable.

The ratings reflect Alta Mesa's small scale, limited partnership structure, diverse portfolio of properties located in Texas, Louisiana and Oklahoma, Moody's said, and its historically attractive finding and development costs.

The rating also considers the partnership's inventory of relatively low risk development opportunities and its stated intention to fund its capital program with internally generated cash flow, the agency said.

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