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S&P puts Energen on positive watch
S&P said it placed its BB issuer credit rating on Energen Corp. on CreditWatch with positive implications.
S&P also placed the BB issue-level rating on Energen's senior unsecured notes on CreditWatch with positive implications. The recovery rating on this debt remains 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery to creditors in the event of a payment default.
The BBB- secured issue-level on the company's $1.05 billion secured credit facility is unchanged. The recovery rating on the facility is 1, reflecting an expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default.
“The CreditWatch placement reflects the likelihood for an upgrade after its acquisition by Diamondback Energy Inc. closes,” S&P said in a news release.
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