S&P cuts Rosetta Resources debt to B+

Standard & Poor's said it revised its outlook on Rosetta Resources Inc. to negative from stable and affirmed the BB- corporate credit rating.

At the same time, the agency lowered the senior unsecured debt ratings to B+ from BB- and revised the recovery rating to 5, indicating an expectation of modest (10% to 30%, upper half of the range) recovery in the event of a payment default, from 4.

"The ratings on Houston-based Rosetta Resources Inc. reflect our assessments of the company's 'significant' financial risk, 'weak' business risk and 'adequate' liquidity," S&P credit analyst Michael Tsai said in a news release.

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