S&P raises Pioneer Natural from junk

Standard & Poor's said it raised the long-term corporate credit rating on Pioneer Natural Resources Co. to BBB- from BB+ and its senior unsecured debt to BBB- from BB+.

The outlook is stable.

"The ratings on Pioneer Natural Resources Co. reflect a satisfactory business risk profile and an intermediate financial risk profile," S&P analyst Carin Dehne-Kiley said in a statement.

The outlook reflects expectations that Pioneer will continue to maintain a more conservative financial policy, so that its debt-to-EBITDA ratio remains below 2x, according to the agency.

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