S&P elevates Devon Energy

S&P said it raised its issuer credit rating on Devon Energy Corp. to BBB from BBB-.

At the same time, S&P raised the issue-level rating on Devon's unsecured debt to BBB from BBB- and the short-term issuer and commercial paper rating to A-2 from A-3.

The outlook is stable.

“The stable outlook reflects our view that Devon's credit measures will remain strong on a sustained basis, based on our expectation that supportive commodity prices and moderate capital spending will enable the company to generate material positive discretionary cash flow (DCF), which we expect will be used for further gross debt reduction in addition to shareholder returns,” S&P said in a news release.

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