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S&P rates Resolute notes B-
Standard & Poor's said it assigned its B corporate credit rating to Resolute Energy Corp. The outlook is stable.
The agency said it also assigned a B- issue-level rating to Resolute's planned $250 million senior unsecured notes due 2020. The recovery rating is 5, indicating an expectation of modest recovery of principal in the event of a payment default.
"The ratings on Resolute Energy reflect our assessment of the company's 'vulnerable' business risk and 'aggressive' financial risk," said S&P credit analyst Carin Dehne-Kiley in a news release.
"The ratings incorporate the company's small size and scale, its limited geographic diversity, the high cost nature of its asset base and its position in a highly cyclical, capital-intensive and competitive industry."
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