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S&P puts Endeavor on positive watch
S&P said it placed its ratings for Endeavor Energy Resources LP, including its BB+ issuer and issue ratings, on CreditWatch with positive implications.
The positive watch follows Diamondback Energy Inc., announcing it agreed to buy Endeavor in a deal valued at about $26 billion, including the assumption of debt, the agency said.
“The CreditWatch placement reflects the likelihood that we could raise our issuer and issue-level ratings on Endeavor following the close of the transaction to equalize them with Diamondback. We will likely view Endeavor as a core entity of Diamondback given the strategic fit of the assets–which are located in the Permian Basin–and Diamondback's assumption of Endeavor's outstanding debt (around $907 million as of Sept. 30, 2023),” S&P said in a press release.
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