Fitch raises WPX

Fitch Ratings said it upgraded WPX Energy Inc.’s issuer default and senior unsecured ratings to BBB from BBB- to equalize it with Devon Energy Corp., which acquired WPX. Fitch also withdrew the rating on WPX’s secured revolving facility, which was terminated.

Fitch affirmed its IDR and senior unsecured ratings for Devon at BBB and Ocean Energy Inc.’s BBB- IDR and senior unsecured ratings.

Additionally, Fitch removed its ratings for Devon Energy, Ocean Energy and WPX Energy, Inc. from rating watch positive.

The outlook is positive. “The positive outlook reflects Fitch's expectations that the merger will increase Devon’s size and scale, improve unit economics, accelerate FCF generation, and result in leverage sustained below 1.5x,” Fitch said in a press release.

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