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Action items: Rating agencies downgrade oil, gas companies amid price crash

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Action items: Rating agencies downgrade oil, gas companies amid price crash

S&P Global Market Intelligence presents a periodic rundown of selected ratings actions on energy companies. The changes, confined to upgrades, downgrades and changes in outlook, are listed by announcement date in reverse chronological order.

March 31

* S&P Global Ratings downgraded Range Resources Corp.'s issuer credit rating to B from BB- and on the senior unsecured debt to B+ from BB-. The outlook is negative.

March 27

* S&P Global Ratings downgraded its issuer credit rating on Alliance Resource Partners LP to BB- from BB+ and lowered its issue-level rating on the coal producer's senior unsecured debt to BB- from BB, with a stable outlook.

* S&P Global Ratings lowered Covanta Holding Corp.'s issuer credit rating and senior unsecured debt to B+ from BB-, after its recent financial performance fell short of expectations.

* Shale oil and gas driller Continental Resources Inc. lost its investment-grade rating with S&P Global Ratings after Ratings dropped Continental's issuer credit rating and unsecured debt ratings to BB+ from BBB-, with a negative outlook.

* S&P Global Ratings downgraded natural gas and NGL producer Antero Resources Corp.'s issuer credit rating to B- from B+ and its issue-level ratings on the company's unsecured debt to B from BB-. The outlook is negative.

* S&P Global Ratings downgraded National Fuel Gas Co.'s issuer credit rating and unsecured debt ratings to BBB- from BBB with a negative outlook and lowered the integrated energy company's commercial paper ratings to A-3 from A-2.

March 26

* S&P Global Ratings lowered its issuer credit rating on Talen Energy Supply LLC to B from B+, citing weakened credit measures.

* S&P Global Ratings has downgraded its currency ratings on Mexico's state-owned Petróleos Mexicanos SA de CV, a move that follows a similar action on its rating for Mexico itself.

* S&P Global Ratings downgraded its ratings on Apache Corp. below investment grade, saying low oil prices are expected to take their toll on the shale driller's credit measures over the next two years.

* S&P Global Ratings downgraded Ovintiv Inc.'s issuer credit rating and unsecured debt ratings from BBB to BBB- with a negative outlook.

* S&P Global Ratings lowered the issuer credit rating and unsecured debt ratings of oilfield services giant Schlumberger Ltd. to A from A+.

* S&P Global Ratings dropped the issuer credit rating of Western Midstream Operating LP to BB+ from BBB- and placed the rating on CreditWatch.

* S&P Global Ratings downgraded Halliburton Co.'s long-term credit rating and issue-level ratings on the company's unsecured debt to BBB+ from A-. The outlook remains negative.

* S&P Global Ratings dropped Patterson-UTI Energy Inc.'s issuer credit rating and unsecured debt ratings to BB+ from BBB.

March 25

* S&P Global Ratings downgraded its ratings on Occidental Petroleum Corp. based on the expectation that the oil and gas producer's credit measures will weaken over the next two years under lower oil and gas price assumptions.

March 24

* Moody's downgraded Electric Transmission Texas LLC's issuer rating to Baa2 from Baa1 and revised its outlook to stable from negative.

* S&P Global Ratings lowered the ratings of Emera Inc. and ENMAX Corp. after they completed an approximately $1.29 billion deal in which ENMAX acquired Emera's Emera Maine subsidiary.

March 23

* S&P Global Ratings assigned a BB- long-term issuer credit rating to Pattern Energy Operations LP with a stable outlook, following the recently completed takeover of Pattern Energy Group Inc. by Canada Pension Plan Investment Board.

* Fitch Ratings downgraded Western Midstream Partners LP's long-term issuer default rating and senior unsecured ratings to BB+ from BBB- and placed its ratings on rating watch negative.

March 20

* Fitch Ratings downgraded the issuer default rating of Ovintiv and its subsidiaries Ovintiv Canada ULC and Ovintiv Exploration Inc. as well as all related unsecured debt of all these entities to BBB- from BBB. The ratings outlook was revised to negative.

* Fitch Ratings lowered Occidental Petroleum Corp.'s long-term issuer default rating to BB+ from BBB+ and placed its ratings on rating watch negative.

* Moody's lowered the corporate family rating of Cenovus Energy Inc. to Ba2 from Ba1, its probability of default rating to Ba2-PD from Ba1-PD and its senior unsecured notes rating to Ba2 from Ba1.

* Moody's lowered the corporate family rating of offshore drilling services provider Valaris PLC to Caa3 from Caa1, its probability of default rating to Caa3-PD from Caa1-PD and its senior unsecured notes to Ca from Caa2.

* Moody's lowered QEP Resources Inc.'s corporate family rating to B2 from Ba3, its probability of default rating to B2-PD from Ba3-PD and its senior unsecured notes rating to B2 from Ba3.

* S&P Global Ratings sees "virtual certainty" in Longview Power LLC defaulting on its revolver balance when it comes due April 13.

* S&P Global Ratings downgraded Gulfport Energy Corp.'s issuer credit rating and unsecured notes from B to CCC+ with a negative outlook.

March 18

* Moody's lowered Occidental Petroleum's senior unsecured rating to Ba1 from Baa3, officially bringing the corporation's rating to noninvestment grade.

March 17

* Fitch downgraded senior secured notes and preferred shares ratings for 10 midstream sector-focused closed-end funds and placed them on rating watch negative as energy pipeline stocks reel from collapsing oil prices.

* Moody's lowered the long-term senior unsecured rating of Consolidated Edison Co. of New York Inc. to Baa1 from A3 on expectations of weaker cash flow.