Moody's rates Murphy notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Murphy Oil Corp.'s proposed $500 million senior unsecured notes due 2022.

The outlook is stable.

Moody's said the rating reflects Murphy's size and diversification, which has evolved through the years to be in-line with its similarly rated peers, strong cash margins and low financial leverage, with a negative net debt balance pro-forma for the proposed note offering.

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