Moody’s lifts Extraction Oil, notes

Moody's Investors Service said it upgraded Extraction Oil & Gas, Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and the rating on its senior unsecured notes due 2021 to B3 from Caa1.

A speculative grade liquidity rating of SGL-3 was assigned.

The outlook is stable.

"Extraction's ratings upgrade reflects the progress the company has made developing its acreage as well as increasing its scale through acquisitions," Moody's vice president, senior analyst James Wilkins said in a news release.

"The company has funded growth with significant equity funding and maintained favorable leverage metrics."

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