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Fitch upgrades SM Energy
Fitch Ratings said it upgraded SM Energy Co.’s issuer default rating to B+ from B. Fitch also raised the issue-level ratings for the company's reserve-based lending credit facility to BB+/RR1 from BB/RR1; the second-lien secured notes to BB/RR2 from BB-/RR2, and the senior unsecured notes to BB-/RR3 from B/RR4.
“SM's rating reflects the strong performance of the company's Permian assets, ability to consistently generate FCF with proceeds used to reduce gross debt, strong liquidity profile and solid hedging program which protects cash flows,” Fitch said in a press release.
The outlook is positive.
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