Moody's rates Devon notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to Devon Energy Corp.'s new senior unsecured notes, to be issued as part of an exchange offer for about $2 billion of WPX Energy, Inc.'s notes.

WPX is a wholly owned, direct subsidiary of Devon. Devon's other ratings, including its Ba1 senior unsecured notes rating are unchanged. The outlook remains positive.

"Devon's exchange transaction should simplify its capital structure subsequent to its WPX combination and does not add any additional debt," commented Amol Joshi, a Moody's vice president and senior credit officer, in a press release.

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