S&P upgrades Rosetta

Standard & Poor’s said it raised the corporate credit rating on Rosetta Resources Inc. to BBB from BB- and removed it from CreditWatch, where it was placed with positive implications in May.

This action followed the completion of Noble Energy Inc.’s acquisition of Rosetta on July 20, S&P said.

The agency said it subsequently withdrew the corporate credit rating on Rosetta Resources because Noble has merged Rosetta Resources into NBL Texas LLC, a wholly-owned subsidiary of Noble.

S&P also said it raised the ratings on NBL Texas’s senior unsecured debt to BBB from B+ and withdrew the recovery rating on this debt, given that the company is now rated investment grade.

The new senior unsecured rating is in line with the rating on Noble’s unsecured debt, the agency said.

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