Vermilion Energy Inc. (VET.TO)

Vermilion Energy Inc. -- Moody's downgrades Vermilion's CFR to B1, outlook to stable

Rating Action: Moody's downgrades Vermilion's CFR to B1, outlook to stableGlobal Credit Research - 29 Mar 2021Toronto, March 29, 2021 -- Moody's Investors Service, ("Moody's") today has downgraded Vermilion Energy Inc.'s corporate family rating (CFR) to B1 from Ba3, its probability of default rating (PDR) to B1-PD from Ba3-PD, and it's senior unsecured rating to B3 from B2. At the same time, Vermilion's outlook has been changed to stable from negative and its speculative grade liquidity rating (SGL) has been upgraded to SGL-2 from SGL-3."The downgrade reflects our expectation that Vermilion's production will continue to decline towards 70,000 boe/d (net of royalties) through 2022 driven by lower capital spending, and that the company's cost structure will grow over the same period" said Moody's analyst Jonathan Reid.