Moody's ups Range Resources

Moody's Investors Service said it upgraded Range Resources Corp.'s corporate family rating to Ba1 and its senior subordinate rating to Ba2.

Moody's also assigned a speculative grade liquidity rating of SGL-2.

The outlook is stable.

"Despite having a scale that is comparable to higher rated E&Ps, historically Range's significant outspending of internally generated cash flow to develop natural gas assets has been an area of concern," Moody's vice president and senior credit officer Stuart Miller said in a news release.

"However, we have become increasingly satisfied that the quality of Range's reserve base can support a Ba1 rating as we expect productivity to improve as the company begins to drill longer horizontal laterals with a greater emphasis on pad drilling."

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