S&P: Range Resources unchanged

Standard & Poor's said its ratings and outlook on Range Resources Corp. (BB/stable) would not change following the company's announcement that it will pay $305 million to buy natural-gas-producing properties in the Barnett Shale area in Texas.

The agency said that the company indicates that it will sell assets to repay a portion of bank debt incurred to fund the acquisition, limiting the lasting effect on debt leverage.

S&P noted that it expects the company to selectively undertake acquisitions in its core areas of operations, such as the Barnett, as part of its acquire-and-exploit growth strategy.

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