Moody's rates Concho notes B3

Moody's Investors Service said it assigned a B1 corporate family rating and B1 probability of default rating to Concho Resources Inc. and a B3 (LGD 6, 90%) rating to its pending $250 million senior unsecured notes.

Moody's also assigned a SGL-3 speculative grade liquidity rating, reflecting adequate liquidity. The outlook is stable.

The B1 corporate family rating reflects Concho's success to date in its core operating areas, expected range of operating performance over the next two years, and Concho's comments that it would continue to fund material acquisitions with timely equity, deemed sufficient by Moody's, to sustain the ratings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.