Newfield Exploration's Credit Rating Raised to Investment Grade at S & P
July 07 2010 - 3:12PM
PR Newswire (US)
HOUSTON, July 7 /PRNewswire-FirstCall/ -- Newfield
Exploration Company's (NYSE: NFX) credit rating was raised to
investment grade by Standard and Poor's after its annual review
from a BB+ to BBB- with a stable outlook. The Company's S
& P subordinated debt will stay at BB+.
"We're very pleased with S & P's decision to raise our
credit rating to investment grade," said Terry Rathert, Executive Vice President and
Chief Financial Officer. "Since our founding more than two
decades ago, we have always managed our company with strong
coverage ratios. We have a diverse portfolio of assets and a
strong balance sheet. This investment grade rating is
recognition of our financial strength and will help to ensure our
ability to access the capital markets at attractive rates in the
future."
Newfield currently has a Ba2 credit rating from Moody's Investor
Services and a BB+ by Fitch Ratings.
Newfield Exploration Company is an independent crude oil and
natural gas exploration and production company. The Company relies
on a proven growth strategy of growing reserves through an active
drilling program and select acquisitions. Newfield's domestic areas
of operation include the Mid-Continent, the Rocky Mountains,
onshore Texas and the Gulf of Mexico. The Company has international
operations in Malaysia and
China.
For information, contact:
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Investor Relations: Steve Campbell (281)
847-6081
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Media Relations: Keith Schmidt (281)
674-2650
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Email: info@newfield.com
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SOURCE Newfield Exploration Company
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