The ratings agency's move to Ba2 comes following company efforts to rebound from a governance and perks controversy involving former chief executive Aubrey McClendon.
Battered by low commodity prices for natural gas, the company has also held asset sales to trim down its land holdings, actions that apparently made some impression on the agency.
"The company has made significant progress in reducing its capital spending, hedging its natural gas exposure and increasing its available liquidity," Moody's vice president Pete Speer said in a statement.
Chesapeake
