S&P give WPX notes BB-

S&P said it assigned its BB- issue-level rating to WPX Energy Inc.’s proposed $500 million senior unsecured notes due 2027 with a 3 recovery rating. The recovery rating of 3 indicates S&P’s estimate of meaningful (50%-70%; rounded estimate: 65%) recovery to creditors in the event of a payment default.

Proceeds are expected to be used for cash tender for up to $450 million of notes.

The BB- issuer credit rating and stable outlook on WPX are unchanged.

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