S&P ups Fieldwood Energy, rates loan B+

S&P said it raised its corporate credit rating on Fieldwood Energy LLC to B- from D. The outlook is stable.

At the same time, S&P assigned a B+ issue-level rating to the company's new first-lien term loan due 2022 and new second-lien term loan due 2023. S&P also assigned a 1 recovery rating to both issues, indicating an expectation of very high (90% to 100%; rounded estimate: 95%) recovery in the event of a payment default.

“The upgrade follows Fieldwood's emergence from bankruptcy, and reflects its new capital structure, the company's acquisition of Noble Energy Inc.'s Gulf of Mexico assets, and our revised estimates of the company's operating performance,” S&P said in a news release.

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