Fitch puts Cimarex on positive watch

Fitch Ratings said it placed Cimarex Energy Co.'s BBB- long-term issuer default, senior unsecured credit facility and unsecured notes ratings on rating watch positive.

“This action follows the announcement that Cabot Oil & Gas Corp. (Cabot; not rated) and Cimarex plan an all-stock merger of equals. The transaction materially increases the scale of the combined company and targets a sub 1x net debt to EBITDAX leverage while weakening standalone liquids-driven netbacks when combined with Cabot's dry gas netbacks,” Fitch said in a press release.

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