S&P rates Atlas Energy loan B

Standard & Poor's said it assigned its B corporate credit rating to Atlas Energy LP.

The outlook is stable.

At the same time, S&P assigned its B issue rating with a 3 recovery rating to Atlas Energy's proposed $240 million senior secured term loan due 2019. The 3 recovery rating indicates the expectation of meaningful (30% to 50%) recovery in the event of a payment default.

S&P said the action follows Atlas Energy's announcement that it plans to enter into a $240 million secured term loan. The company will use proceeds from the transaction to fund repayment of existing debts, to fund the purchase of natural gas producing assets, to make an equity contribution to E&P subsidiary Atlas Resource Partners LP and for general corporate purposes.

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