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DBRS shifts ConocoPhillips view to stable
DBRS said it confirmed ConocoPhillips’ A issue rating and revised the trend to stable from rating under review with developing implications, where it was placed on Oct. 20. Before the review, ConocoPhillips’ trend was negative.
The rating confirmation follows the closing of ConocoPhillips’ acquisition of Concho Resources in an all-stock deal. DBRS said it considered the acquisition marginally positive, but insufficient to change the rating.
“The stable trend reflects DBRS Morningstar's expectations that, under DBRS Morningstar's base-case commodity price assumptions, Conoco's key credit metrics will significantly improve in 2021–22 to support the A rating,” the agency said in a press release.
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