Moody’s ups Tullow Oil, notes

Moody's Investors Service said it upgraded Tullow Oil plc's corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.

Concurrently, the ratings on its $650 million 2020 and $650 million 2022 senior unsecured global notes were upgraded to B3 from Caa1.

The outlook was changed to stable from positive.

The agency said the upgrade mainly reflects all the positive developments in 2017 which strengthened the financial profile of the company.

“The B1 rating reflects the stronger financial and liquidity profile which should provide the company with greater operational flexibility to grow the business and consider the acceleration of investment in projects and selective growth opportunities,” Moody’s said in a news release.

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