Fitch ups Comstock, rates assumed notes B+

Fitch Ratings said it upgraded the issuer default rating of Comstock Resources, Inc. to B from B- following the closing of the Covey Park Energy LLC acquisition in a cash and stock transaction valued at $2.2 billion.

Fitch also upgraded Comstock's secured revolver to BB/RR1 from BB-/RR1 and the senior unsecured notes to B+/RR3 from B/RR3.

The agency also assigning a B+/RR3 rating to the Covey unsecured notes that were assumed by Comstock in the acquisition.

The positive rating watch was removed and the outlook is stable.

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