Fitch assigns BBB to Cabot notes

Fitch Ratings said it assigned a first-time long-term issuer default rating of BBB(EXP) to Cabot Oil & Gas Corp. pro forma its planned merger with Cimarex Energy Co. (BBB-/Rating Watch positive) and a BBB(EXP) senior unsecured rating to the Cabot notes that are planned to be issued in exchange for Cimarex notes.

The outlook is stable.

“Cabot's expected ratings reflects the successful closing of its planned 4Q21 merger with Cimarex along with a successful debt exchange of outstanding Cimarex notes for equivalent notes issued by Cabot. Failure to execute on these transactions as planned could result in the withdrawal of the expected ratings,” Fitch said in a news release.

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