S&P assigns Continental Resources notes BB+

Standard & Poor's said it assigned issue-level and recovery ratings to Continental Resources Inc.'s $650 million senior unsecured notes due 2022. The issue rating on the notes is BB+ and the recovery rating is 3, indicating an expectation of meaningful recovery in the event of default.

The agency said its ratings on Continental reflect the company's strong reserve replacement performance, solid production growth, and the expectation that Continental will continue to grow its midsize reserve base, which totaled 508 million barrels of oil equivalent reserves on Dec. 31.

In addition, given the current price of hydrocarbons, S&P said it views it as highly favorable that the company's reserves are focused on oil, and its gas assets tend to be liquids rich.

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