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Moody's raises Devon Energy's rating outlook to positive from stablefrom SNL Energy Finance Daily Moody's raises Devon Energy's rating outlook to positive from stableByline: Tim Siccion Moody's raised oil and gas exploration and production company Devon Energy Corp.'s rating outlook to positive from stable and affirmed its Ba1 corporate family rating, Ba1-PD probability of default rating and Ba1 senior unsecured notes rating. The rating agency changed its rating outlook for Devon based on expectations that the company could reduce debt by using balance sheet cash, improve cash flow and returns, and concentrate activities on its more lucrative assets in the Delaware Basin. The positive rating outlook came after Devon announced its plan to redeem $700 million of debt at WPX Energy Inc., which is part of Devon's $1.5 billion debt reduction plan, according to a March 18 research update. Devon and WPX Energy completed their $12 billion merger in early January. |
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