Fitch pushes Baytex outlook to positive

Fitch Ratings said it revised Baytex Energy Corp.'s outlook to positive from stable and affirmed the long-term issuer default rating at B+ and senior unsecured notes at BB-/RR3.

“The positive outlook follows the announcement that Baytex has agreed to acquire Eagle Ford trend producer, Ranger Oil Corp. in an equity and cash transaction. The transaction materially increases Baytex's production scale, as well as its absolute debt level by approximately C$1.5 billion to C$2.45 billion, while maintaining clear headroom under Fitch's upgrade EBITDA leverage sensitivity with leverage expected between 1x to 1.5x during Fitch's forecast,” the agency said in a press release.

© 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.