The company had a proved reserve base of 271 million barrels of oil equivalent (mmboe) as of Dec. 31, 2018, and was entirely focused on the Permian basin. We view the industry's exposure to volatile and cyclical commodity prices as a primary driver in Moss Creek's credit quality. We view this as improving overall profitability under our commodity price expectations. The stable outlook reflects our expectation that Moss Creek will continue to modestly increase production and proved reserves as it continues to develop its Permian acreage, while maintaining adequate liquidity. We expect the company will maintain credit measures that are commensurate with the current rating, including funds from operations (FFO) to debt above 20%. We could downgrade the company if
