S&P alters Diamondback view to stable

S&P said it changed the outlook for Diamondback Energy Inc. to stable from negative and affirmed the BBB- ratings on the company and its senior unsecured issue-level ratings.

Last month, S&P revised its price assumptions for oil and natural gas. “We expect the company to maintain credit measures including funds from operations (FFO) to debt greater than 30% and debt to EBITDA below 2.5x. We also expect positive discretionary cash flow generation in 2021, and believe the company will continue aiming to fund capital expenditures and its dividend with internally generated cash flow,” the agency said in a press release.

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