Fitch rates Concho Resources notes BBB

Fitch Ratings said it assigned a BBB rating to Concho Resources Inc.'s proposed senior unsecured note issuance due 2031.

Proceeds will be used to finance a portion of the redemption of the $600 million 4 3/8% notes due 2025.

Fitch said it forecasts un-refinanced amounts to be repaid with cash, given substantial positive free cash flow. “Fitch views this transaction as credit positive as Concho further improves their maturity profile, consistent with their policy of improving financial flexibility,” the agency said in a press release.

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