S&P rates Southwestern Energy notes BBB-

Standard & Poor's said it assigned a BBB- rating to Southwestern Energy Co.'s proposed senior unsecured notes due 2022.

The proceeds will be used to repay borrowings under its $1.5 billion unsecured revolving credit facility with any remainder going to fund capital expenditures.

The ratings reflect a view that U.S. natural gas prices will remain weak near-term and an estimate that the company will outspend funds from operations in 2012 and 2013 to develop its core assets and pursue new ventures, S&P said.

Nevertheless, the agency said it expects that Southwestern Energy's leverage measures will remain moderate for the rating category.

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