Fitch places Sable Permian on watch

Fitch Ratings said it placed Sable Permian Resources Finance LLC's CCC+ long-term issuer default rating on rating watch negative. Also, Sable's senior secured bonds were placed on negative watch. Fitch also affirmed Sable Land Co., LLC's long-term IDR at B-. The outlook was revised to negative from stable. Sable Land's senior secured revolver was affirmed at BB-/RR1.

Sable Permian's negative watch reflects the potential pressure on Sable Land's restricted payment covenants, which will restrict Sable Permian's ability to meet interest payments.

Sable Land's negative outlook reflects the lower oil and natural gas price environment, which may elevate leverage metrics and negatively impact the company's operational and financial flexibility.

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