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S&P still may lift XTO Energy
Standard & Poor's said XTO Energy Inc.'s BBB corporate credit rating remains on CreditWatch with positive implications.
The ratings were placed on watch for upgrade on Dec. 15, 2009, after the company entered into an agreement to be acquired by ExxonMobil Corp. (AAA/stable/A-1+) in an all-stock transaction valued at $41 billion, including the assumption of $10 billion of XTO's existing debt. The companies expect the transaction to be completed in the second quarter of fiscal 2010.
The AAA rating on Exxon reflects the company's massive scale, vertical integration, strong project management track record and conservative financial policies, according to the agency.
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