Moody's Investors Service ("Moody's") upgraded Bellatrix Exploration Ltd.'s (Bellatrix) Corporate Family Rating (CFR) to Caa1 from Caa2, and Probability of Default Rating (PDR) to Caa1-PD/LD from Caa2-PD. The Caa3 rating on the senior unsecured notes will be withdrawn because they will be extinguished in the proposed recapitalization.