Fitch: Continental Resources view to stable

Fitch Ratings said it revised the outlook for Continental Resources, Inc. to stable from positive.

The revision reflects structurally lower oil and natural gas prices, evidenced by Fitch’s revised price deck (oil price of $38/bbl and natural gas price of $1.85/mcf for 2020), which Fitch expects to result in a maintenance capital program to preserve longer-term financial and operational flexibility.

“The lower price deck, coupled with relatively flat near-term production growth, will result in elevated 2020 leverage and may potentially delay gross debt reduction. Fitch believes the operational and financial profile is relatively resilient in the lower price environment and is still within investment grade thresholds,” the agency said in a press release.

Fitch affirmed the BBB- ratings on the company and its senior unsecured debt.

© 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.