S&P rates Tap Rock notes B

S&P said it assigned a B- issuer credit rating to Tap Rock Resources LLC.

S&P also assigned a B issue-level credit rating to the company's unsecured notes, with a recovery rating of 2.

The outlook is stable.

Tap Rock has announced a $450 million notes offering. The company will use proceeds from this offering to repay borrowings on its credit facility and for an equity distribution.

“The outlook reflects our expectation of production growth and positive free cash flow in 2022, strong credit metrics, and adequate liquidity,” S&P said in a news release.

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