S&P: Range Resources view positive

Standard & Poor's said it revised its outlook on Range Resources Corp. to positive from stable.

At the same time, the agency affirmed its B corporate credit rating on the company and its BB issue rating on the company's senior subordinated debt. The recovery rating on the debt remains 3, reflecting an expectation of meaningful (50% to 70%) recovery in the event of a default.

S&P said the outlook revision reflects its expectation that Range Resources will continue to expand its production by 20%-25% in 2014 while increasing its reserves and improving its financial profile. The company has expanded its production and reserves steadily in recent periods, primarily by focusing on its operations in the Marcellus shale, where the company has significant scale, the agency said.

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