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Southwestern Energy Co.'s Proposed Senior Unsecured Notes Rated 'BBB-' Feb 12
Standard & Poors, February 2012
NEW YORK (Standard & Poor's) Feb. 29, 2012--Standard & Poor's Ratings Services said today it has assigned its 'BBB-' issue-level rating to Houston-based Southwestern Energy Co.'s proposed senior unsecured notes due 2022. The company expects to use the proceeds to repay borrowings under its $1.5 billion unsecured revolving credit facility ($823 million drawn as of Feb. 23, 2012), with any remainder going to fund capital expenditures. The ratings on U.S. oil and gas exploration and production company Southwestern Energy reflect our view that U.S. natural gas prices will remain weak near-term and our estimate that the company will outspend funds from operations in 2012 and 2013 to develop its core assets and pursue new ventures. Nevertheless, we expect that Southwestern...
Companies mentioned in this report are: Southwestern Energy Co.
Action: New Rating
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.
Research type: News
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Southwestern Energy Co.