Moody’s gives Range Resources notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to Range Resources Corp.’s new $500 million senior unsecured notes due 2025.

At the same time, the agency affirmed Range's Ba1 corporate family rating, Ba1-PD probability of default rating, Ba2 rated senior subordinated notes ratings and SGL-2 speculative grade liquidity rating.

The outlook remains positive.

Proceeds from the proposed notes will be used to initially repay drawings under Range's revolving credit facility and in August 2015 fully redeem its $500 million senior subordinated notes due 2020.

"Range's rating affirmation and positive outlook reflect the company's strong operating efficiency and growing production profile," Moody's vice president and senior credit officer Gretchen French said in a news release. "However, in order to be upgraded to investment-grade, Range will need to demonstrate improved cash flow-based financial leverage metrics relative to its Baa3 peers."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.