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S&P lifts EOG Resources
S&P said it raised both its issuer credit rating and its senior unsecured debt rating on EOG Resources Inc. to A- from BBB+.
The outlook is stable.
The A-2 short-term and commercial paper ratings are unchanged.
“The upgrade reflects our revised assessment of EOG's financial risk profile and our expectation that FFO/debt will average above 100% and debt/EBITDA less than 1.0x over the next two to three years,” the agency said in a news release.
“The stable outlook reflects a view that EOG will maintain average FFO/debt above 100% and debt/EBITDA of less than 1.0x over the next three years, while continuing to grow oil production and reserves.”
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