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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Debt
Ratings
We receive debt ratings from the major ratings agencies in the
United States. In determining our debt ratings, the agencies
consider a number of items including, but not limited to, debt
levels, planned asset sales, near-term and long-term production
growth opportunities and capital allocation challenges.
Liquidity, asset quality, cost structure, reserve mix, and
commodity pricing levels are also considered by the rating
agencies. Our current debt ratings are BBB+ with a stable
outlook by both Fitch and Standard & Poor’s, and
Baa1 with a stable outlook by Moody’s.
There are no “rating triggers” in any of our
contractual obligations that would accelerate scheduled
maturities should our debt rating fall below a specified level.
Our cost of borrowing under our Senior Credit Facility is
predicated on our corporate debt rating. Therefore, even though
a ratings downgrade would not accelerate scheduled maturities,
it would adversely impact the interest rate on any borrowings
under our Senior Credit Facility. Under the terms of the Senior
Credit Facility, a one-notch downgrade would increase the
fully-drawn borrowing costs from LIBOR plus 35 basis points
to a new rate of LIBOR plus 45 basis points. A ratings
downgrade could also adversely impact our ability to
economically access debt markets in the future. As of
December 31, 2008, we were not aware of any potential
ratings downgrades being contemplated by the rating agencies.
Debt
Ratings
We receive debt ratings from the major ratings agencies in the
United States. In determining our debt ratings, the agencies
consider a number of items including, but not limited to, debt
levels, planned asset sales, near-term and long-term production
growth opportunities and capital allocation challenges.
Liquidity, asset quality, cost structure, reserve mix, and
commodity pricing levels are also considered by the rating
agencies. Our current debt ratings are BBB+ with a stable
outlook by both Fitch and Standard & Poor’s, and
Baa1 with a stable outlook by Moody’s.
There are no “rating triggers” in any of our
contractual obligations that would accelerate scheduled
maturities should our debt rating fall below a specified level.
Our cost of borrowing under our Senior Credit Facility is
predicated on our corporate debt rating. Therefore, even though
a ratings downgrade would not accelerate scheduled maturities,
it would adversely impact the interest rate on any borrowings
under our Senior Credit Facility. Under the terms of the Senior
Credit Facility, a one-notch downgrade would increase the
fully-drawn borrowing costs from LIBOR plus 35 basis points
to a new rate of LIBOR plus 45 basis points. A ratings
downgrade could also adversely impact our ability to
economically access debt markets in the future. As of
December 31, 2008, we were not aware of any potential
ratings downgrades being contemplated by the rating agencies.
Debt Ratings We receive debt ratings from the major ratings agencies in the United States. In determining our debt ratings, the agencies consider a number of items including, but not limited to, debt levels, planned asset sales, near-term and long-term production growth opportunities and capital allocation challenges. Liquidity, asset quality, cost structure, reserve mix, and commodity pricing levels are also considered by the rating agencies. Our current debt ratings are BBB+ with a stable outlook by both Fitch and Standard & Poor’s, and Baa1 with a stable outlook by Moody’s. There are no “rating triggers” in any of our contractual obligations that would accelerate scheduled maturities should our debt rating fall below a specified level. Our cost of borrowing under our Senior Credit Facility is predicated on our corporate debt rating. Therefore, even though a ratings downgrade would not accelerate scheduled maturities, it would adversely impact the interest rate on any borrowings under our Senior Credit Facility. Under the terms of the Senior Credit Facility, a one-notch downgrade would increase the fully-drawn borrowing costs from LIBOR plus 35 basis points to a new rate of LIBOR plus 45 basis points. A ratings downgrade could also adversely impact our ability to economically access debt markets in the future. As of December 31, 2008, we were not aware of any potential ratings downgrades being contemplated by the rating agencies. Debt Ratings We receive debt ratings from the major ratings agencies in the United States. In determining our debt ratings, the agencies consider a number of items including, but not limited to, debt levels, planned asset sales, near-term and long-term production growth opportunities and capital allocation challenges. Liquidity, asset quality, cost structure, reserve mix, and commodity pricing levels are also considered by the rating agencies. Our current debt ratings are BBB+ with a stable outlook by both Fitch and Standard & Poor’s, and Baa1 with a stable outlook by Moody’s. There are no “rating triggers” in any of our contractual obligations that would accelerate scheduled maturities should our debt rating fall below a specified level. Our cost of borrowing under our Senior Credit Facility is predicated on our corporate debt rating. Therefore, even though a ratings downgrade would not accelerate scheduled maturities, it would adversely impact the interest rate on any borrowings under our Senior Credit Facility. Under the terms of the Senior Credit Facility, a one-notch downgrade would increase the fully-drawn borrowing costs from LIBOR plus 35 basis points to a new rate of LIBOR plus 45 basis points. A ratings downgrade could also adversely impact our ability to economically access debt markets in the future. As of December 31, 2008, we were not aware of any potential ratings downgrades being contemplated by the rating agencies. These excerpts taken from the DVN 10-K filed Jun 9, 2008. Debt
Ratings
We receive debt ratings from the major ratings agencies in the
United States. In determining our debt ratings, the agencies
consider a number of items including, but not limited to, debt
levels, planned asset sales, near-term and long-term production
growth opportunities and capital allocation challenges.
Liquidity, asset quality, cost structure, reserve mix, and
commodity pricing levels are also considered by the rating
agencies. Our current debt ratings are BBB with a positive
outlook by Standard & Poor’s, Baa1 with a stable
outlook by Moody’s and BBB with a positive outlook by Fitch.
There are no “rating triggers” in any of our
contractual obligations that would accelerate scheduled
maturities should our debt rating fall below a specified level.
Our cost of borrowing under our Senior Credit Facility and
Short-Term Facility is predicated on our corporate debt rating.
Therefore, even though a ratings downgrade would not accelerate
scheduled maturities, it would adversely impact the interest
rate on any borrowings under our credit facilities. Under the
terms of the Senior Credit Facility and the Short-Term Facility,
a one-notch downgrade would increase the fully-drawn borrowing
costs for the credit facilities from LIBOR plus 35 basis
points to a new rate of LIBOR plus 45 basis points. A
ratings downgrade could also adversely impact our ability to
economically access debt markets in the future. As of
December 31, 2007, we were not aware of any potential
ratings downgrades being contemplated by the rating agencies.
Debt Ratings We receive debt ratings from the major ratings agencies in the United States. In determining our debt ratings, the agencies consider a number of items including, but not limited to, debt levels, planned asset sales, near-term and long-term production growth opportunities and capital allocation challenges. Liquidity, asset quality, cost structure, reserve mix, and commodity pricing levels are also considered by the rating agencies. Our current debt ratings are BBB with a positive outlook by Standard & Poor’s, Baa1 with a stable outlook by Moody’s and BBB with a positive outlook by Fitch. There are no “rating triggers” in any of our contractual obligations that would accelerate scheduled maturities should our debt rating fall below a specified level. Our cost of borrowing under our Senior Credit Facility and Short-Term Facility is predicated on our corporate debt rating. Therefore, even though a ratings downgrade would not accelerate scheduled maturities, it would adversely impact the interest rate on any borrowings under our credit facilities. Under the terms of the Senior Credit Facility and the Short-Term Facility, a one-notch downgrade would increase the fully-drawn borrowing costs for the credit facilities from LIBOR plus 35 basis points to a new rate of LIBOR plus 45 basis points. A ratings downgrade could also adversely impact our ability to economically access debt markets in the future. As of December 31, 2007, we were not aware of any potential ratings downgrades being contemplated by the rating agencies. These excerpts taken from the DVN 10-K filed Feb 28, 2008. Debt
Ratings
We receive debt ratings from the major ratings agencies in the
United States. In determining our debt ratings, the agencies
consider a number of items including, but not limited to, debt
levels, planned asset sales, near-term and long-term production
growth opportunities and capital allocation challenges.
Liquidity, asset quality, cost structure, reserve mix, and
commodity pricing levels are also considered by the rating
agencies. Our current debt ratings are BBB with a positive
outlook by Standard & Poor’s, Baa1 with a stable
outlook by Moody’s and BBB with a positive outlook by Fitch.
There are no “rating triggers” in any of our
contractual obligations that would accelerate scheduled
maturities should our debt rating fall below a specified level.
Our cost of borrowing under our Senior Credit Facility and
Short-Term Facility is predicated on our corporate debt rating.
Therefore, even though a ratings downgrade would not accelerate
scheduled maturities, it would adversely impact the interest
rate on any borrowings under our credit facilities. Under the
terms of the Senior Credit Facility and the Short-Term Facility,
a one-notch downgrade would increase the fully-drawn borrowing
costs for the credit facilities from LIBOR plus 35 basis
points to a new rate of LIBOR plus 45 basis points. A
ratings downgrade could also adversely impact our ability to
economically access debt markets in the future. As of
December 31, 2007, we were not aware of any potential
ratings downgrades being contemplated by the rating agencies.
Debt Ratings We receive debt ratings from the major ratings agencies in the United States. In determining our debt ratings, the agencies consider a number of items including, but not limited to, debt levels, planned asset sales, near-term and long-term production growth opportunities and capital allocation challenges. Liquidity, asset quality, cost structure, reserve mix, and commodity pricing levels are also considered by the rating agencies. Our current debt ratings are BBB with a positive outlook by Standard & Poor’s, Baa1 with a stable outlook by Moody’s and BBB with a positive outlook by Fitch. There are no “rating triggers” in any of our contractual obligations that would accelerate scheduled maturities should our debt rating fall below a specified level. Our cost of borrowing under our Senior Credit Facility and Short-Term Facility is predicated on our corporate debt rating. Therefore, even though a ratings downgrade would not accelerate scheduled maturities, it would adversely impact the interest rate on any borrowings under our credit facilities. Under the terms of the Senior Credit Facility and the Short-Term Facility, a one-notch downgrade would increase the fully-drawn borrowing costs for the credit facilities from LIBOR plus 35 basis points to a new rate of LIBOR plus 45 basis points. A ratings downgrade could also adversely impact our ability to economically access debt markets in the future. As of December 31, 2007, we were not aware of any potential ratings downgrades being contemplated by the rating agencies. This excerpt taken from the DVN 10-K filed Feb 28, 2007. Debt
Ratings
We receive debt ratings from the major ratings agencies in the
United States. In determining our debt ratings, the agencies
consider a number of items including, but not limited to, debt
levels, planned asset sales, near-term and long-term production
growth opportunities and capital allocation challenges.
Liquidity, asset quality, cost structure, reserve mix, and
commodity pricing levels are also considered by the rating
agencies. Our current debt ratings are BBB with a positive
outlook by Standard & Poor’s, Baa2 with a positive
outlook by Moody’s and BBB with a positive outlook by Fitch.
There are no “rating triggers” in any of our
contractual obligations that would accelerate scheduled
maturities should our debt rating fall below a specified level.
Our cost of borrowing under our Senior Credit Facility is
predicated on our corporate debt rating. Therefore, even though
a ratings downgrade would not accelerate scheduled maturities,
it would adversely impact the interest rate on any borrowings
under our Senior Credit Facility. Under the terms of the Senior
Credit Facility, a one-notch downgrade would increase the
fully-drawn borrowing costs for the Senior Credit Facility from
LIBOR plus 45 basis points to a new rate of LIBOR plus
65 basis points. A ratings downgrade could also adversely
impact our ability to economically access debt markets in the
future. As of December 31, 2006, we were not aware of any
potential ratings downgrades being contemplated by the rating
agencies.
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