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S&P revises Magnolia Oil view to stable
S&P said it revised Magnolia Oil & Gas Corp.’s outlook to stable from negative on increases in commodity prices.
“We revised the rating outlook to stable from negative due to strengthening credit ratios. We expect debt to EBITDA to improve to just below 1x and funds from operations (FFO) to debt to more than 100% in 2021 from 1.4x and 68%, respectively in 2020 under our current commodity assumptions,” S&P said in a press release.
The agency also affirmed Magnolia’s B+ rating and the BB- issue and 2 recovery ratings on its unsecured debt.
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