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S&P lowers SM Energy
S&P said it downgraded SM Energy Co. to B- from BB-.
The outlook is negative.
“We expect U.S.-based oil and gas exploration and production company SM Energy Co.'s credit measures to weaken considerably because of the recent decline in commodity prices,” the agency said in a news release.
The negative outlook reflects the potential for a further downgrade if the company is unable to refinance its upcoming maturities or the company breaches its 4x debt-to-EBITDAX leverage covenant.
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