Moody's gives Rosetta B2, notes Caa1

Moody's Investors Service said it assigned a first-time B2 corporate family rating, B2 probability of default rating, Caa1 (LGD 5; 83%) senior unsecured note rating, and an SGL-3 speculative-grade liquidity rating to Rosetta Resources, Inc.

The agency added that note proceeds will repay $80 million of a $100 million second-lien term loan, with the remainder used to repay bank revolver borrowings.

The outlook is stable.

The ratings reflect the company's comparatively low leverage and history of moderate leverage; sound liquidity; and substantial diversification of the current production base for a company of this size, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.