Fitch Ratings has revised Chesapeake Energy's Rating Outlook to Positive from Stable and affirmed, along with various other ratings, Chesapeake's Long-term Issuer Default Rating (IDR) at 'BB-'. A full list of ratings follows at the end of this release. The rating affirmation affects approximately $15 billion in rated securities.
The Outlook revision is driven by Chesapeake management's stated intention to delever and simplify its capital structure, its much improved liquidity position, expectations of significantly reduced free cash flow deficits and higher cash flow generation going forward. Additionally, better natural gas realizations are factored into the Outlook.