Crescent Energy receives positive ratings agency actions after $2.1B SilverBow acquisition announcement

Crescent Energy Co

Moody's affirmed Ba3 CFR and stable outlook; S&P affirmed B+ and revised outlook to Positive; Fitch placed B+ IDR on Rating Watch Positive.
S&P cited increased size, scale, and lower pro-forma cost structure; Fitch noted compelling strategic rationale and balance sheet strength.
Acquisition valued at ~$2.1B; SilverBow shareholders may elect $38/share cash (up to $400M) or 3.125 Crescent shares per SilverBow share.
Transaction expected to close by end of Q3 2024, subject to shareholder and regulatory approvals.

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