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Fitch gives Diamondback notes BBB
Fitch Ratings said it assigned a BBB rating to Diamondback Energy, Inc.'s planned senior notes due 2023, senior notes due 2031 and senior notes due 2051.
Diamondback intends to use the proceeds to fund the tender for QEP's 5 3/8% notes due 2022, 5¼% notes due 2023, 5 5/8% notes due 2026 and a portion of Diamondback's 5.375% notes due 2025.
The long-term issuer default rating for Diamondback Energy, Inc., Diamondback O&G LLC, Energen Corp. and QEP Resources, Inc. is BBB, and the outlook is stable.
Fitch said it plans to withdraw QEP Resources’ IDR following the successful tender of the QEP Notes.
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