Fitch rates Permian Resources notes BB-

Fitch Ratings said it assigned BB-/rating watch positive rating to Permian Resources Operating, LLC's planned senior unsecured notes due 2032.

The agency placed Permian Resources' long-term issuer default rating and issue-level ratings on RWP on Aug. 22, following the announcement it agreed to acquire Earthstone Energy, Inc. and all related subsidiaries. The transaction is an all-stock deal valued at about $4.5 billion, including the assumption of all Earthstone debt.

Permian Resources intends to use the proceeds to repay revolver borrowings and for general corporate purposes.

Fitch said it will resolve the positive watch upon closing of the deal which is expected to lead to at least a one-notch upgrade to the IDR, revolver and senior unsecured ratings. The deal is expected to close by Dec. 31.

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