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Fitch upgrades Devon Energy
Fitch Ratings said it upgraded Devon Energy Corp.’s long-term issuer default rating and senior unsecured ratings to BBB+ from BBB. The agency also raised Ocean Energy Inc.'s IDR and senior unsecured ratings to BBB from BBB-.
“Devon's ratings reflect the scale and economics of its Delaware Basin assets, which are supported by smaller but meaningful positions in four other U.S. onshore basins, its strong liquidity position, gross leverage approaching 1.5x, and FCF prioritizing strategy. These factors are balanced by Devon's growing shareholder distributions and the expectation that discretionary debt repayments will moderate,” Fitch said in a press release.
The agency also revised the outlook to stable from positive.
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