Shares of Chesapeake Energy Corp. CHK rallied 1.6% toward a six-week high in morning trading Thursday, after Fitch Ratings raised the natural gas and oil company’s credit rating to the highest “junk” rating, and indicated the next rating move will make it investment grade. Fitch upgraded the longer-term issuer default rating (IDR) to BB+ from BB, and said the rating outlook is positive, which implies the next move could be an upgrade. Another upgrade would take the rating to BBB-, which is the lowest investment-grade rating. “The Positive Outlook could be resolved in up to 24 months as Chesapeake continues to develop…
