Moody's: Range Resources up to positive, notes rated B3

Moody's Investors Service said it assigned a B3 rating to Range Resources Corp.'s new $150 million 6 3/8% senior subordinated notes that will repay borrowings under the company's revolving credit facility.

While Moody's is affirming the B1 senior implied rating, the outlook is changed to positive to reflect the company's significant progress in growing the company's reserves and production through the drill bit and acquisitions.

Moody's affirmed Range's B3 rated $100 million 7 3/8% senior subordinated add-on notes due 2013, B1 senior implied rating and B2 unsecured issuer rating.

Moody's said Range has achieved this growth while maintaining a competitive cost structure that should deliver ample cash flow support at least through the remainder of 2005 for management's stated intention of reducing debt and funding its drilling program internally.

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