Fitch rates Fieldwood Energy, loans

Fitch Ratings said it assigned a long-term issuer default rating of B- with a stable outlook to Fieldwood Energy LLC following the company's emergence from voluntary Chapter 11 bankruptcy.

The agency also assigned a BB-/RR1 to the company's first-lien secured term loan and a B+/RR2 to its second-lien secured term loan.

Fitch said the ratings reflect the company’s improved capital structure following its emergence from pre-packaged Chapter 11 bankruptcy earlier this year; its increased size and scale following the Noble asset acquisition (total proved reserves of 268 million boe, and a PV-10 of about $2.6 billion); and its relatively high exposure to liquids, including Louisiana Light Sweet(LLS)-linked oil realizations.

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