Moody's rates Newfield notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to Newfield Exploration Co.'s $750 million of senior notes.

The outlook is stable.

The proceeds of the note offering are expected to be used to refinance $550 million of senior subordinated notes due 2016 with the remainder used to pay down a portion of the debt outstanding under the company's senior unsecured credit agreement.

Moody's said the company has a good mix of producing properties, low-risk development locations and exploration potential.

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