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S&P upgrades Newfield Exploration
S&P said it raised the issuer credit rating on Newfield Exploration Co. to BBB from BB+ and removed it from CreditWatch with positive implications.
The outlook is stable.
The agency also said it raised the ratings on Newfield's unsecured notes to BBB from BB+ and removed them from CreditWatch positive.
The actions follow the closing of Encana's acquisition of Newfield and upgrade of Encana to BBB from BBB-, S&P noted.
The agency said it views Encana as likely to provide long-term support for Newfield, which represents a substantial proportion of Encana's asset portfolio and growth prospects.
The stable outlook reflects an expectation that Encana will maintain credit measures consistent with the ratings over the next two years, including funds from operations-to-debt of 40% to 45%, S&P said.
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