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Moody’s assigns B1 to WPX notes
Moody's Investors Service said it assigned a B1 rating to WPX Energy, Inc.'s proposed senior unsecured notes.
Net proceeds will be used to fund tender offers for the company’s outstanding notes due 2022 and 2023.
WPX's existing ratings, including its Ba3 corporate family rating, Ba3-PD probability of default rating, B1 ratings on the senior unsecured notes and SGL-2 speculative grade liquidity rating, are unchanged.
The outlook is stable.
"WPX's proposed notes issuance is a leverage neutral transaction that will improve its debt maturity profile," Moody's vice president, senior analyst James Wilkins said in a news release.
The proposed notes are rated B1 (one notch below the corporate family rating), consistent with Moody's Loss Given Default Methodology, reflecting the subordination of the notes to the secured borrowing base revolving credit facility.
The new senior unsecured notes rank pari passu with WPX's existing senior unsecured notes.
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