Fitch assigns CNX revolver BBB-, notes BB

Fitch Ratings said it assigned a BB long-term issuer default rating to CNX Resources Corp. Fitch has also assigned a BBB-/RR1 rating to the revolver and a BB/RR4 to the senior unsecured notes.

“CNX’s rating reflects its status as a top 10 producer of natural gas, strong cash netbacks, adequate liquidity position, extensive hedging program, operational and financial flexibility benefits from ownership of CNX Midstream Partners LP, and Fitch's forecasted base case leverage profile in the 2.5x-3x range,” said the agency in a press release.

The outlook is stable.

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