S&P ups Southwestern Energy

Standard & Poor's said it raised its long-term corporate credit rating on Southwestern Energy Co. to BBB- from BB+.

At the same time, the agency said it also raised its ratings on the unsecured debt to BBB- from BB+ while it is withdrawing the 3 recovery rating on the unsecured debt.

"The upgrade is based on the company's ability and proven track record of successfully increasing production, reserves, and cash flow," said rating analyst Amy Eddy.

"The rating action also reflects its expectations that Southwestern's leverage measures will remain moderate for the rating category despite the company's intention to aggressively outspend cash flow to develop its core property, the Fayetteville Shale."

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