QEP Resources, Inc.: Update to credit analysis following downgrade of senior notes
QEP senior notes were downgraded to reflect their structural subordination to the revolver which was given subsidiary guarantees under the amended credit agreement.QEP Resources is an independent crude oil and natural gas exploration and production company with operations in two regions of the United States: the Southern Region (primarily in Texas) and the Northern Region (primarily in North Dakota). The company has an inventory of developed and identified undeveloped drilling locations in the Permian Basin in western Texas and the Williston Basin in North Dakota. The company sells oil and condensate and natural gas liquids volumes to refiners, marketers, midstream service providers and other companies. In addition, the company sells gas volumes to wholesale marketers, industrial users, local distribution companies, midstream service providers and utility companies.
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