S&P ups Atlas Energy

Standard & Poor's said that it raised the corporate credit rating on Atlas Energy Resources LLC to AA from B+ and the issue-level rating on the senior notes to AA from B.

S&P withdrew the recovery ratings on the notes.

These actions follow the announcement that Chevron Corp. (AA/Stable/A-1+) closed on the acquisition of Atlas Energy's parent Atlas Energy Inc.

S&P also removed the ratings from CreditWatch where they were placed with positive implications on Nov. 10, following the acquisition announcement, the agency said.

S&P said it raised the ratings to match Chevron's because it believes Chevron will support and satisfy Atlas Energy's obligations under the $400 million of 10¾% senior notes and the $200 million of 12 1/8% senior unsecured notes.

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