S&P rates Matador notes B-

Standard & Poor’s said it assigned its B corporate credit rating to Matador Resources Co. The outlook is stable.

At the same time, S&P assigned a B- issue-level rating to Matador Resources’ proposed $350 million senior unsecured notes due 2023. The recovery rating on the notes is 5, indicating expectations of modest (10% to 30%; at the upper end of the range) recovery to creditors in the event of a payment default.

“The ratings on Matador Resources reflect our view of the company’s ‘vulnerable’ business risk and ‘significant’ financial risk profiles,” said S&P credit analyst Christine Besset in a news release.

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