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S&P places Callon on positive watch
S&P said it placed its B+ issuer and BB- unsecured debt ratings for Callon Petroleum Co. on CreditWatch with positive implications.
On Jan. 4, APA Corp. announced it agreed to buy Callon in an all-stock deal valued at $4.5 billion, including the assumption of about $1.9 billion of Callon's net debt.
“The CreditWatch placement reflects the likelihood that we will raise the ratings on Callon following the close of its acquisition by higher-rated Apache Corp.'s parent company APA Corp.,” S&P said in a press release.
The agency said it aims to resolve the positive watch when the deal closes expected to happen in the second quarter of 2024. The transaction is subject to customary closing conditions and regulatory approvals.
“Assuming the transaction is completed as proposed, we will likely raise our ratings on Callon to equalize them with our ratings on Apache Corp. (BB+/positive),” the agency said.
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