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S&P downgrades Murphy Oil to BB; outlook negative

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S&P downgrades Murphy Oil to BB; outlook negative

S&P Global Ratings on March 31 downgraded Murphy Oil Corp.'s issuer credit rating and unsecured debt ratings to BB from BB+, with a negative outlook.

Under recently revised oil and gas price assumptions, Ratings said it expects Murphy Oil's credit metrics to be weak for the previous rating over the next two years.

The rating agency also revised its assessment of Murphy Oil's liquidity from strong to adequate, citing current market conditions, the company's upcoming 2022 maturities and a more modest cushion under the company's leverage covenant. Ratings noted that Murphy Oil has $580 million of 2022 debt maturing but also a currently undrawn $1.6 billion dollar facility due in 2023.

The negative outlook incorporates a deteriorated commodity price backdrop and a weaker capital market environment in which Murphy could increasingly run into challenges in trying to refinance near-term maturities.

This S&P Global Market Intelligence news article contains information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.