Fitch Lifts SM Energy to BB+ After Closing of Civitas Deal
Fitch Ratings upgraded SM Energy Company’s long-term issuer default rating to BB+ from BB following the close of its $12.8 billion all-stock merger with Civitas Resources. The transaction materially increases scale and proved reserves while raising gross debt to about $8 billion. Fitch assigned a Stable Outlook and anticipates debt reduction over t…