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S&P places Concho on positive watch
S&P placed its BBB- ratings on Concho Resources Inc. on CreditWatch with positive implications.
ConocoPhillips plans to acquire Concho for $9.7 billion and the assumption of $3.9 billion of debt.
“The placement of the ratings on CreditWatch with positive implications reflects the likelihood that we will raise all of our ratings on Midland, Texas-based Concho, including our BBB- issuer credit rating, following the close of its acquisition by higher-rated ConocoPhillips,” S&P said in a press release.
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