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S&P: WPX Energy notes BB+
Standard & Poor’s said it assigned a BB+ rating and 3 recovery rating to WPX Energy Inc.’s proposed $500 million senior unsecured notes due 2024.
The 3 recovery rating indicates 50% to 70% expected default recovery.
The company plans to use the proceeds from the proposed notes to repay borrowings under its credit facility.
The rating on the notes is the same as the company’s corporate credit rating, S&P said.
The ratings reflect its fair business risk, satisfactory financial risk and adequate liquidity, the agency said.
The ratings also consider the company’s below-average profitability, S&P said.
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