S&P affirms Regency Gas

Standard & Poor's said it affirmed its B+ corporate credit rating on Regency Gas Services LLC.

S&P said it also affirmed its B+ secured bank loan rating and 3 recovery rating on the company's $170 million first-lien revolving credit facility (increased by $20 million) and $310 million first-lien term loan (increased by $50 million).

Regency's weak business risk profile reflects its brief operating history, small asset base, exposure to commodity price risk and competitive position, S&P said.

These risks are somewhat mitigated by long-lived, predictable reserves and increased drilling activity in Regency's operating regions, supported by the currently favorable pricing environment, S&P said.

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