S&P raises Ranger Oil

S&P said it raised its ratings on Ranger Oil Corp. to B from B- and its senior unsecured notes to B+ from B. The recovery rating on the notes remains 2.

“Strong hydrocarbon prices have supported improving profitability, cash flow, and financial performance. We expect Ranger Oil Corp. to maintain strong financial measures over the next 12 months under our base case assumptions, including FFO to debt of about 100% and debt to EBITDA of 1x or less. In addition to robust oil and natural gas prices, we expect Ranger's financial performance will benefit from its low cost structure, debt reduction, and focus on free cash flow while keeping returns to shareholders,” S&P said in a press release.

The outlook is stable.

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