S&P ups, pulls Colgate Energy ratings

S&P said it upgraded and then withdrew its ratings for Colgate Energy Partners III LLC following the Sept. 1 acquisition of the company by Centennial Resource Development Inc. The combined company has been renamed Permian Resources Corp.

We raised our issuer credit rating on Colgate to B+ from B and issue-level ratings to BB- from B+ to equalize them with the Permian Resources ratings because we consider the company and its assets to be core to Permian Resources Corp. We then withdrew our issuer credit rating on Colgate Energy Partners III LLC,” the agency said in a press release.

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