Fitch elevates Ascent

Fitch Ratings said it upgraded Ascent Resources Utica Holdings, LLC's long-term issuer default rating to B+ from B, its secured revolver to BB+/RR1 from BB/RR1 and its unsecured rating to BB-/RR3 from B+/RR3.

The outlook is positive.

Fitch said Ascent’s rating reflects expectations of positive free cash flow over the rating horizon, debt reduction, moderate leverage, above-average production scale and strong hedge book.

These factors are offset, the agency said, by fairly high revolver utilization and relatively high firm transportation costs, which results in netbacks slightly lower than that of its peers.

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