Fitch affirms Devon Energy

Fitch Ratings said it has affirmed Devon Energy Corp.'s issuer default rating at BBB+ following the announcement that Devon will look to sell its Gulf of Mexico and international assets and refocus on its North American onshore properties.

Fitch said it affirms Devon's ratings as follows: long-term issuer default rating at BBB+; senior unsecured notes at BBB+; senior unsecured credit facility at BBB+; short-term issuer default rating at F2; and commercial paper at F2; as well as Devon Financing Corp. ULC's senior unsecured notes at BBB+ and Ocean Energy's senior unsecured notes at BBB.

The outlook will remain stable.

According to the agency, the senior unsecured notes assumed in the Ocean Energy acquisition have not been explicitly guaranteed by Devon, which is the primary driver for the one-notch differential in the ratings.

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