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S&P downgrades Hunt Oil
S&P said it lowered the issuer credit rating on Hunt Oil Co. to B- from B+ and removed the ratings on the company from CreditWatch, where S&P placed them with negative implications on Oct. 25, 2019.
The outlook is negative.
Subsequently, S&P withdrew all of its ratings on Hunt Oil at the issuer's request.
“The downgrade reflects our forecast that Hunt Oil Co.'s credit metrics will weaken over the next couple of years, including funds from operations (FFO) to debt of less than 12% and debt to EBITDA of more than 5x,” S&P said in a news release.
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