Fitch rates Continental Resources, loan, notes BBB-

Fitch Ratings said it assigned a BBB- long-term issuer default rating to Continental Resources, Inc.

The agency also assigned BBB- ratings to the company’s senior unsecured credit facility and senior unsecured notes.

The outlook is stable.

Fitch said the rating reflects Continental's liquids-focused production profile, robust cash netbacks, forecast positive FCF and improving leverage profile, gross debt reduction plan, adequate liquidity position, and extended debt maturities profile.

“These considerations are offset by the company's above-peer credit metrics, historically equity-oriented operational and financial policies, and continued need to de-risk its Anadarko development plan,” the agency said in a news release.

“Fitch recognizes that management's near-term capital allocation plan will help alleviate these concerns.”

© 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.