Moody's turns Devon Energy view to positive

Moody's Investors Service said it changed Devon Energy Corp.’s outlook to positive from stable. Moody's also affirmed Devon's Ba1 corporate family rating, Ba1-PD probability of default rating and Ba1 senior unsecured notes rating. Devon's SGL-1 speculative grade liquidity rating is unchanged.

Devon and WPX Energy, Inc. completed their merger in early January. The revision follows Devon reporting its intention to redeem $700 million of debt at WPX as part of executing its $1.5 billion debt reduction plan, Moody’s said.

WPX's ratings, including its Ba3 CFR, Ba3-PD PDR and B1 senior unsecured notes rating, remain under review for upgrade.

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