S&P puts Indigo on positive watch

S&P said it placed its ratings for Indigo Natural Resources LLC, including its BB- debt ratings, on CreditWatch with positive implications.

The placement follows Southwestern Energy Co. announcing it plans to acquire Indigo in a deal valued at $2.7 billion, including the assumption of Indigo’s $700 million of senior notes, S&P said.

“This reflects the likelihood that we will raise the issuer-level rating by up to three notches and the issue-level rating by up to two notches following the close of the acquisition,” S&P said in a press release.

The agency said it aims to resolve the CreditWatch after the deal closes.

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