S&P: Tapstone Energy notes B-

S&P said it assigned a B- corporate credit rating to Tapstone Energy LLC.

The outlook is positive.

The agency also said it assigned a B- rating and 3 recovery rating to the company's proposed $300 million senior unsecured notes due 2022.

The 3 recovery rating indicates 50% to 70% expected default recovery.

The ratings reflect the company's vulnerable business risk, aggressive financial risk and adequate liquidity, S&P said.

The ratings also consider the vulnerable assessment of Tapstone's business risk, limited geographic diversification with all of its operations in the Anadarko Basin and relatively small proved reserve base, the agency said.

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