S&P affirms Concho Resources

S&P said it affirmed its BB+ corporate credit rating on Concho Resources Inc. The outlook is positive.

At the same time, S&P affirmed the BBB- issue-level rating on the company's senior secured credit facility. The 1 recovery rating is unchanged, indicating an expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of default.

S&P also affirmed its BB+ issue-level rating on Concho's senior unsecured notes. The 3 recovery rating is unchanged, indicating an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default.

“The rating affirmation reflects our review of Concho's business and financial risk profiles, and the resulting improvement in our financial risk profile assessment to intermediate from significant,” said S&P credit analyst Kevin Kwok in a news release.

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