S&P lifts Eclipse Resources notes

S&P said it affirmed the B- issuer credit rating on Eclipse Resources Corp. and removed all of the ratings from CreditWatch with positive implications.

The outlook is stable.

The agency also said it raised the rating on the company's senior unsecured notes to B from B- with a 2 recovery rating, indicating 70% to 90% expected default recovery.

Eclipse Resources and Blue Ridge Mountain Resources Inc. have completed their merger, S&P said, and changed its name to Montage Resources Corp.

The stable outlook reflects a forecast that the company's debt-to-EBITDA ratio will remain moderate at about 2x to 2.5x in the next couple of years despite an expectation that the company will outspend cash flow by $160 million in 2019, S&P said.

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