Moody's upgrades Devon Energy to Baa2

Moody's Investors Service said it upgraded Devon Energy Corp.'s senior unsecured rating to Baa2 from Baa3.

"Devon Energy's upgrade to Baa2 reflects the company's improved credit metrics through its focus on developing higher-return U.S. shale assets as well as its enhanced scale through recent acquisitions without increasing debt," commented Amol Joshi, Moody's vice president and senior credit officer, in a press release.

"Devon's continued strong operational execution has meaningfully boosted its resilience and credit profile even as the company has also significantly enhanced shareholder payouts," Joshi added.

The outlook remains stable.

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