S&P puts EnVen on positive watch

S&P said it placed all its EnVen Energy Corp. ratings, including the B- issue ratings, on CreditWatch with positive implications.

The positive watch follows the announcement Talos Energy Inc. agreed to buy EnVen in a deal valued at $1.1 billion, including the assumption of debt. The deal is expected to close by Dec. 31.

“The CreditWatch positive placement reflects the likelihood that we will raise the ratings on EnVen by one notch when the deal closes, expected around year-end 2022, assuming the transaction is completed as proposed and there are no material changes to the expected long-term capital structure or financial policy assumptions,” S&P said in a press release.

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