S&P Elevates SM Energy to BB After Civitas Deal, Cites Bigger Footprint and Diversification
S&P Global Ratings raised SM Energy Co.'s credit rating to 'BB' from its prior level and assigned a stable outlook after the company completed its merger with Civitas. The upgrade reflects substantially larger pro forma acreage, production and proved reserves, while S&P cautions that operational complexity from new operating areas and leadership ch…