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S&P might lift RSP Permian
S&P said it placed its ratings, including its B+ corporate credit rating, on RSP Permian Inc. on CreditWatch with positive implications.
The agency also placed the B+ issue-level rating on RSP's senior unsecured notes on CreditWatch with positive implications. The recovery rating remains 3, indicating an expectation of meaningful (50% to 70%; rounded estimate: 65%) recovery in the event of a payment default.
S&P said the CreditWatch placement reflects the likelihood for an upgrade following the close of its acquisition by higher-rated Concho Resources Inc.
“If the transaction is completed as proposed, we would expect to raise RSP's rating to that of Concho,” the agency said in a news release.
S&P said it will resolve the CreditWatch listing around the close of the transaction, which is expected to occur by the end of the third quarter of 2018.
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