Fitch affirms Devon unsecured debt

Fitch Ratings said it affirmed Devon Energy's senior unsecured debt rating of BBB and commercial paper rating of F2. The outlook is stable.

Additionally, Fitch affirmed the debentures assumed in the PennzEnergy acquisition at BBB. In addition, the ratings of debt issued by companies that Devon has acquired (Ocean Energy and Anderson Exploration) have been affirmed at BBB-.

Fitch said Devon's senior unsecured debt rating is supported by the size and quality of its reserves, its midstream assets, Fitch's confidence in management, Devon's progress to date in improving their credit profile and expectations of continued improvement in the near to intermediate term.

The rating is partially restrained by the amount of debt Devon has relative to its reserves and its organic replacement success in recent years, according to Fitch.

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