Fitch affirms Devon Energy

Fitch Ratings said it affirmed Devon Energy Corp.'s long-term issuer default rating, senior notes rating and senior unsecured credit facility at BBB+ and its short-term issuer default rating at F2.

Devon Financing Corp. ULC's senior notes were affirmed at BBB+.

Ocean Energy's senior notes were affirmed at BBB.

The outlook is stable.

Devon's ratings reflect the company's large, low cost proven reserve base in North America, its significant and growing production, its conservative financial strategy and robust credit profile, the agency said.

The company's debt-to-EBITDA ratio is about 1.49 times.

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