Susquehanna Starts Devon Energy (DVN) at Positive

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Fitch Upgrades Devon Energy's (DVN) IDR, Unsecured Ratings to 'BBB+', Outlook Stable

October 23, 2014 12:27 PM EDT

Fitch Ratings has upgraded Devon Energy Corporation's (Devon) (NYSE DVN) long-term Issuer Default Rating (IDR) and senior unsecured debt ratings to 'BBB+' from 'BBB'. Additionally, Fitch has affirmed the company's short-term IDR and commercial paper ratings at 'F2'. The Rating Outlook for Devon is Stable. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS
The upgrade is driven by debt reduction that has occurred since the acquisition of GeoSouthern Energy Corporation in February of this year. Effectively, Devon has quickly returned credit metrics to previous levels prior to the... More