S&P ups Indigo Natural Resources senior debt to BB-

S&P said it raised its issue-level rating on Indigo Natural Resources LLC's senior unsecured debt to BB- from B+ and revised the recovery rating to 2 from 3. The 2 recovery rating indicates an expectation of substantial (70% to 90%: rounded estimate: 85% cap) recovery in the event of default.

The issuer credit rating remains B+, and the outlook remains stable.

“We raised the senior unsecured rating and revised the recovery rating to incorporate an updated estimate of proved reserve value as well as the assumption that the company will use proceeds from its recent mid-stream divestiture to reduce its overall debt,” S&P said in a news release.

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