Moody's lifts Hess from junk

Moody's Investors Service said it upgraded Hess Corp.'s unsecured long-term debt rating to Baa3 from Ba1.

The outlook is stable.

The agency said the upgrade reflects the company's progress in advancing its portfolio of upstream development projects, which are intended to diversify and strengthen the durability of its reserves and production profile, and its improvements in achieving a more competitive cost structure and a gradually declining financial leverage position.

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