Matador Resources is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with a focus on oil and natural gas shale and other unconventional plays. The company's operations are focused on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. The company also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Also, the company conducts midstream operations, through its midstream joint venture, San Mateo Midstream, LLC together with San Mateo Midstream II, LLC.
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Credit markets are grossly overstating MTDR's credit risk with a YTW of 5.873%, relative to an Intrinsic YTW of 2.683% and an Intrinsic CDS of 190bps. Meanwhile, Moody's is materially overstating the firm's fundamental credit risk, with its B2 credit rating seven notches lower than Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mostly favorable signals for credit holders. Management's compensation framework should drive them to focus on all three value drivers: asset efficiency, margin expansion, and revenue growth, which should lead to Uniform ROA improve...
Rating Action: Moody's downgrades Kaisa to B2/B3; places ratings on review for further downgrade. Global Credit Research- 18 Oct 2021. Hong Kong, October 18, 2021-- Moody's Investors Service has downgraded the corporate family rating of Kaisa Group Holdings Ltd to B2 from B1.
Rating Action: Moody's affirms Sansheng's B2 rating, changes outlook to negative. Global Credit Research- 18 Oct 2021. Hong Kong, October 18, 2021-- Moody's Investors Service has affirmed the B2 corporate family rating of Sansheng Holdings Co. Ltd..
Rating Action: Moody's assigns provisional ratings to Prime RMBS issued by GS Mortgage-Backed Securities Trust 2021- PJ10. Global Credit Research- 18 Oct 2021. New York, October 18, 2021-- Moody's Investors Service has assigned provisional ratings to 38 classes of residential mortgage-backed securities issued by GS Mortgage-Backed Securities Trust 2021- PJ10.
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