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S&P lifts Range Resources
S&P said it upgraded Range Resources Corp.’s issuer rating to B+ from B and its unsecured notes to BB- from B+. The 2 recovery rating is unchanged.
The agency said it recently raised its near-term price assumptions for both natural gas and crude oil based on stronger fundamentals.
S&P said it forecasts the company’s FFO to debt to climb to the low 30% range over the next two years while debt to EBITDA is expected to retreat to the 2x range.
“We also expect Range will generate material positive discretionary cash flow (DCF) over the next two years,” S&P said in a press release.
The outlook is stable.
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