S&P puts Ascent Resources Utica on positive watch

S&P said it placed its ratings on Ascent Resources Utica Holdings LLC, including its B- issuer credit rating, on CreditWatch with positive implications.

S&P also placed the B- issue-level rating on the company’s senior unsecured debt on CreditWatch positive. The recovery rating on this debt remains 3, indicating an expectation of meaningful (in the 50%-70% range: rounded estimate 60%) recovery in the event of a payment default.

“The CreditWatch placement follows Ascent's parent company's announcement that it will acquire certain oil and gas properties consisting of a total of 113,400 net acres in the Utica Shale with proved reserves of 1.1 trillion cubic feet of gas equivalent (Tcfe), in four separate transactions for a total of $1.5 billion,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.