S&P affirms Atlas Energy

Standard & Poor's said it affirmed its B issue-level rating on the senior unsecured notes co-issued by Atlas Energy Operating Company LLC and Atlas Energy Finance Corp.

The companies are wholly owned subsidiaries of Atlas Energy Resources LLC (B+/stable), the agency said, noting that the action followed the proposed $150 million add-on to the $250 million notes due 2018.

The recovery rating remains at 5, the agency said, adding that the senior unsecured notes are guaranteed by the parent company.

At the same time, the agency said it affirmed its B+ corporate credit rating on Atlas Energy Resources.

The outlook is stable.

Proceeds from the notes will be used to pay down bank debt, S&P said, adding that the corporate credit rating on Atlas Energy Resources reflects the company's limited scale and geographic diversity, aggressive financial leverage and substantial quarterly distributions to unit holders.

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