Crew Energy Inc.: Rating Report

On April 12, 2022, DBRS Limited (DBRS Morningstar) upgraded the ratings of Crew Energy Inc. (the Company), and the Recovery Rating on the Senior Unsecured Notes remains at RR4. All trends remain Positive. The upgrades are due to the material improvement in the Company's credit metrics resulting primarily from stronger commodity prices and higher production volumes. The Positive trends reflect the probability that the Company's credit metrics are likely to strengthen further, leading to another positive rating action.