S&P affirms Range Resources ratings

Standard & Poor's said it affirmed its BB- corporate credit ratings on exploration and production company Range Resources Corp. as well as the company's BB senior secured debt, B subordinated debt and B- preferred stock.

The outlook is stable.

S&P said the rating affirmation follows the company's announcement that it agreed to acquire 80 billion cubic feet equivalent of reserves in West Texas for $85 million.

Although Range Resources will finance the acquisition with credit facility borrowings, the financial impact - particularly on a cash flow-to-debt basis - will not have a significant affect on the company beyond the next 12 months, the agency said.

© 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.