Fitch Ratings said Friday that it has affirmed Newfield Exploration Co.'s (NFX: Quote) Issuer Default Rating at 'BB+'.
The Outlook remains Stable.
Fitch said the ratings reflect Newfield's leverage, negative free cash flow, and the ongoing transition of its asset base to that of a domestic oil and liquids producer.
Adequate liquidity, an extended maturity profile, and liquids production growth in key basins all support the rating and outlook despite expectations of weakening credit metrics in the near term, the rating agency noted.
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by RTT Staff Writer
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