Research Update: Southwestern Energy Co. Rating Raised To 'BBB-' From 'BB+'; Outlook Stable Jul 10

Standard & Poors, July 2010

Abstract
U.S. oil and natural gas exploration and production (E&P) company Southwestern Energy Co. continues to post very strong operating results as evidenced by its industry-leading cost structure and considerable production growth. Despite aggressive spending the company has maintained very moderate leverage for the rating category. We are raising our long-term corporate credit rating on Southwestern Energy to 'BBB-' from 'BB+'. In addition, we are raising the rating on the unsecured debt to 'BBB-' from 'BB+' and withdrawing the '3' recovery rating. The stable outlook reflects our expectations that Southwestern will continue to grow reserves and production at a rapid pace and keep FFO to debt above 40%. On July 6, 2010, Standard & Poor's Ratings Services raised its long-term corporate...

Companies mentioned in this report are: Southwestern Energy Co.
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Southwestern Energy Co.

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