...Fitch Ratings affirmed Pioneer Natural Resources Co.'s Long-Term Issuer Default Rating (IDR) and unsecured debt ratings at `BBB' on April 22, 2020. Fitch also assigned a `BBB' rating to the company's 364-day unsecured revolving credit facility. The Rating Outlook is Stable. Pioneer's ratings reflect its high quality, oil-oriented Permian basin production and proved reserve base, competitive full-cycle break-even oil price, strong liquidity position, favorable hedge coverage and `BBB' exploration and production (E&P) peer-leading leverage profile. Credit issues are moderate and include downward pressure on global oil prices and demand stemming from the coronavirus pandemic; the company's single basin focus, which results in limited geographic, operational and hydrocarbon diversification; and a growth-and returns- oriented shareholder base, which may encourage some combination of accelerated drilling activity and equity-friendly actions over the medium term....
