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S&P lifts Rosetta Resources
Standard & Poor's said it raised its corporate credit rating on Rosetta Resources Inc. to BB- from B+ and removed it from CreditWatch, where it was placed with positive implications on Nov. 26.
The outlook is stable.
The agency also raised the issue-level rating on Rosetta's senior unsecured debt to BB- from B+ and removed it from CreditWatch with positive implications. The 4 recovery rating on this debt is unchanged.
"The stable outlook reflects our view that Rosetta will continue to benefit from its liquids-related production and that its capital spending program will result in further development of its proved reserves," S&P credit analyst Marc Bromberg said in a news release.
"Under our base case scenario, we expect that Rosetta will maintain credit protection measures consistent with current ratings, with FFO to debt near 40% over the next 12 months."
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