Moody’s eyes Concho for upgrade

Moody’s Investors Service said it placed the Baa3 long-term ratings of Concho Resources Inc. on review for upgrade.

The review of Concho’s ratings follows the announcement Concho and ConocoPhillips have reached an agreement in which ConocoPhillips will acquire Concho in an all-stock deal.

“The potential ownership by ConocoPhillips is a positive for Concho given ConocoPhillips’ much stronger credit profile,” stated Arvinder Saluja, a Moody’s vice president and senior analyst, in a press release. “Concho will provide ConocoPhillips a sizeable and cost-competitive acreage position in the prolific Permian basin.”

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