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S&P ups Ascent Resources Utica
S&P said it raised its issuer credit rating on Ascent Resources Utica Holdings LLC to B+ from B-. The outlook is stable.
At the same time, the agency raised its issue-level rating on the company's senior unsecured debt to BB- from B- and revised the recovery rating to 2 from 3. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 85%) recovery to creditors in the event of a payment default.
“Our upgrade of ARUH primarily reflects increased scale of reserves and production in the Utica Shale following recent oil and gas property acquisitions and our expectation that the company with maintain moderate credit metrics over the next two years,” S&P said in a news release.
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