Moody’s raises WPX Energy, notes

Moody's Investors Service said it upgraded WPX Energy, Inc.'s corporate family rating to Ba3 from B2, probability of default rating to Ba3-PD from B2-PD and the ratings on its senior unsecured notes to B1 from B3.

The speculative grade liquidity rating was downgraded to SGL-2 from SGL-1.

The outlook is stable.

"Moody's expects WPX to continue executing on development of its Permian Basin and Williston Basin assets, leading to improving cash flow-based leverage metrics and returns, well into 2019," Moody's vice president, senior analyst James Wilkins said in a news release.

"WPX has transformed its asset base to focus on higher margin liquids, partially funding investments with equity issuance and asset sale proceeds."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.