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Fitch upgrades EP Energy
Fitch Ratings said it upgraded EP Energy, as' long-term issuer default rating to BBB- from BB+ and senior secured rating to BBB from BBB-.
The outlook is stable.
The agency said the upgrade mainly reflects rating equalization with EP Energy's parent, EP Infrastructure (BBB-/stable), following increasing integration of EP Energy within the larger EP Infrastructure group.
The recent repayment of EP Energy's secured bond with a combination of cash and intragroup debt raised at parent level and a clear commitment expressed by EP Infrastructure to further implement an intragroup funding structure has strengthened the ties between the two companies, Fitch explained.
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