S&P moves Matador view to negative

S&P said it revised its outlook for Matador Bidco Sarl to negative from stable and affirmed the BB- ratings on the company and its term loan. The 4 recovery rating on the loan is unchanged.

The outlook revision follows a similar change in outlook on Compania Espanola de Petroleos SAU, in which Matador owns a 38.4% stake, the agency said.

“We view CEPSA's ability to distribute dividends as reduced, and we expect this will weigh on Matador's credit metrics after 2023, potentially bringing it close to the threshold for a lower rating,” S&P said in a statement.

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