Fitch hikes, pulls Callon ratings

Fitch Ratings said it upgraded Callon Petroleum Co.'s long-term issuer default rating to BBB- from B+, equalizing it with APA Corp., which closed the Callon acquisition. Fitch also raised Callon's senior unsecured debt ratings to BBB-/RR4 from BB-/RR3.

“The ratings are equalized under Fitch's parent-subsidiary criteria given the strong strategic and operational ties between the two entities,” the agency said in a press release.

The outlook is stable after Fitch said it removed the ratings from rating watch positive.

Given the reorganization of Callon and the small amount of its notes left outstanding, the agency said it withdrew its ratings. Any remaining Callon notes will be transferred to APA.

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