Based on our updated commodity price assumptions, we expect the privately held U.S.-based exploration and production company, Moss Creek Resources Holdings Inc. to generate substantial free operating cash flow (FOCF), improving credit metrics. Therefore, we affirmed our ?B? issuer credit rating on Moss Creek. At the same time, we lowered our issue-level ratings on the company's unsecured notes to 'B' from 'B+' and revised our recovery rating to ?3? from ?2?. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery of principal in the event of a payment default. The stable outlook reflects our expectation that Moss Creek will generate free cash flow while maintaining funds from operations (FFO) to debt of 70%-80% over the
