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Bond Market News
SM Energy Upgraded to BB+ by Fitch
February 2, 2026
SM Energy was upgraded to BB+from BB by Fitch, removing it from Rating Watch Positive, with a stable outlook. The upgrade follows the completion of SM Energy’s $12.8bn all-stock merger with Civitas Resources. Fitch highlighted that the merger creates a larger entity with total daily production of approximately 526,00 barrels of oil equivalent and a diversified asset base across the Permian and DJ basins. The company expects to achieve $200mn in annual synergies by 2027 through reduced overhead and lower capital costs. Also, while its gross debt rose to $8bn, SM Energy is said to be targeting a leverage ratio of 1.0x and plans to achieve this by executing at least $1bn in divestitures within the first year of closing.
SM Energy’s dollar bonds were trading stable, with its 6.75% 2029s at 101.3, yielding 6.3%.
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