S&P raises Noble Energy

Standard & Poor's said it raised its corporate credit rating and its senior unsecured rating on Noble Energy Inc. to BBB from BBB-.

The outlook is stable.

The agency said it also assigned a BBB rating to Noble Energy's senior unsecured notes due 2019, and the company will use proceeds of the offering to repay borrowings under its revolving credit facility.

"The upgrade reflects its expectations of healthy financial performance under its long-term price deck assumptions as well as its favorable growth prospects, balanced between the recent discoveries in Israel, offshore Gulf of Mexico and West Africa, and drilling opportunities in onshore U.S.," said S&P credit analyst Aniki Saha-Yannopoulos.

The ratings on Noble Energy reflect a satisfactory business profile and an intermediate financial profile, the agency added.

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