S&P: Range Resources unchanged

Standard & Poor's said its ratings and outlook on Range Resources Corp. (BB-/positive) would not immediately change following the company's announcement that it will pay $315 million to increase its interest in natural-gas-producing properties in southwestern Virginia.

Range indicates that it will finance a significant portion of the purchase price with equity, resulting in a generally favorable effect on credit quality, the agency noted.

S&P said it expects the company to selectively undertake acquisitions of this magnitude as part of its acquire-and-exploit growth strategy.

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