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Fitch Assigns First-Time 'B+' IDR to California Resources ... - Fitch Ratings

Fitch Ratings - Chicago - 03 May 2023: Fitch Ratings has assigned a 'B+' First-Time Long-Term Issuer Default Rating (IDR) to California Resources Corporation (CRC). Fitch has also assigned a 'BB+'/'RR1' rating to the company's secured reserve-based lending credit facility (RBL) and a 'BB-'/'RR3' rating to the company's senior unsecured notes. The Rating Outlook is Stable.CRC's ratings reflect its large, low-decline asset base with exposure to Brent pricing, conservative capital structure, forecast sub-1.5x leverage, expectations of positive FCF through the rating horizon, strong liquidity and proactive hedging program that limits downside risks. These factors are partially offset by the company's high cost structure, which limits economic drilling prospects and exposure to California's stringent regulatory environment that could ...

fitchratings.com     May 03, 2023