S&P rates Newfield notes BBB-

Standard & Poor's said it assigned its BBB- issue-level rating to Newfield Exploration Co.'s proposed $500 million senior unsecured notes due 2022.

The notes will be senior to the company's existing senior subordinated notes but will be structurally subordinated to all obligations at the subsidiary level. Newfield's subsidiaries currently carry no debt, and S&P does not believe their priority liabilities create a material disadvantage for the issuer, the agency said in a news release.

S&P said the BBB- corporate credit rating and stable outlook on Newfield reflect the company's intermediate financial profile and satisfactory business profile. The ratings also reflect S&P's view that natural gas prices will remain weak over the next six to 12 months because of the significant growth in supply combined with flat demand, the agency said in a news release.

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