Fitch Ratings raises IDR rating on Devon Energy

By Associated Press May 16, 2008 Comments (0)

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Fitch Ratings raised Devon Energy Corp.'s issuer-default rating on Friday, saying the energy company's reserves of oil and gas are producing a lot of cash and make default unlikely.

Fitch hiked Devon's issuer-default rating, which judges how likely a company is to default on its financial obligations, to "BBB+" from "BBB."

Devon's ability to repay its debts is supported by sizable reserves and production, Fitch said, which are generating significant cash.

The company also has continued efforts to reduce its debt, Fitch said.

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DocumentId: 647069, ~/articles/articlehandler.aspx, 7/6/2008 7:48:58 PM, No ticker

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