Moody's on Oct. 7 upgraded the corporate family rating of Parsley Energy Inc. subsidiary Parsley Energy LLC to Ba2 from Ba3, its probability of default rating to Ba2-PD from Ba3-PD and its senior unsecured notes to Ba3 from B1. The outlook is stable.
The rating agency also upgraded the company's speculative grade liquidity rating to SGL-1 from SGL-3.
Moody's said the upgrade of the corporate family rating reflects the subsidiary's growth-oriented capital program, material sustained production expansion through the commodity price cycle and progressively improved credit metrics.
The stable outlook reflects Moody's expectation that the subsidiary will execute its growth plan and fund capital spending and dividends through cash from operations.
