Fitch ups Noble Energy

Fitch Ratings said it upgraded Noble Energy Inc.’s long-term issuer default rating to BBB from BBB-. In addition, Fitch upgraded the company’s senior unsecured revolver and senior unsecured notes to BBB from BBB-.

Noble is selling its midstream assets and incentive distribution rights simplification for $1.6 billion. As part of the transaction, Noble is receiving about $670 million of cash and $930 million of newly issued NBLX LP units, bringing Noble’s ownership to about 63%.

“This transaction coincides with reduced execution risk of the Leviathan offshore project and imminent production, which the company expects in December 2019, and is the main catalyst for the upgrade,” said Fitch in a press release.

The outlook is stable.

© 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.