Fitch rates Murphy Oil notes BB+

Fitch Ratings said it assigned a BB+/RR4 rating to Murphy Oil Corp.’s $550 million in senior unsecured notes.

Proceeds will be used along with cash on hand to tender for up to $550 million in total of its 4% senior notes due 2022 and 3.7% senior notes due 2022 and pay premiums and other fees in connection with the tender.

“Murphy’s ratings reflect its balanced portfolio of onshore and offshore North American assets, high exposure to liquids, increasing FCF, strong credit metrics and manageable maturity schedule. Fitch’s views Murphy’s recent transactions of selling its Malaysian assets and adding to its North American portfolio as an example of focusing to develop its core assets while at the same time being credit accretive,” said Fitch in a press release.

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