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S&P gives Murphy Oil notes BB+
S&P said it assigned its BB+ issue-level rating and 3 recovery rating to Murphy Oil Corp.’s proposed $550 million senior unsecured notes due in 2027.
The 3 recovery rating indicates S&P’s expectation for meaningful (50%-70%; rounded estimate: 65%) recovery to creditors in the event of a payment default.
Proceeds are expected to fund a $550 million tender for a portion of Murphy’s notes due in 2022.
The BB+ issuer credit rating and stable outlook are unchanged, S&P said.
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