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S&P sinks Centennial Resource
S&P said it lowered Centennial Resource Development Inc. to CCC+ from B+.
The outlook is negative.
“We expect U.S.-based oil and gas exploration and production company Centennial Resource Development Inc.'s (CDEV) credit measures to be well below our expectations for the rating in 2020,” the agency said in a news release.
“We expect measures to remain weak over the next two years without a material increase in commodity prices. We have revised our estimates to reflect the recent reduction in our crude oil and natural gas price deck assumptions.
“We forecast that the company is at risk of breaching a financial covenant under its credit facility.”
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