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S&P: Mission Resources on watch
Standard & Poor's said it placed Mission Resources Corp. on CreditWatch negative following the announcement that the company will be acquired by Petrohawk Energy Corp. (not rated)
On watch are Mission Resources' B- corporate credit rating and CCC senior unsecured debt rating.
S&P said the rating action is based on high initial leverage at Mission and Petrohawk, the expectation of a highly leveraged combined entity and uncertainty regarding financial policy at the new entity.
The new entity is expected to benefit from improved scale and the potential operating efficiencies to be reaped from the combination of a similar grouping of oil and gas assets, according to S&P.
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