Range Resources Corp.

Our negative ratings outlook on Range reflects both low gas prices as well as hampered capital markets conditions both of which could pressure the company for a protracted period. We project 2020 FFO to debt to be slightly below 20%, and debt to EBITDA at around the 4x range. Moreover, the company could be challenged to address upcoming debt maturities in 2022 and 2023, especially given current capital market conditions. We could lower the rating should Range fail to address their upcoming debt maturities in 2022 and 2023 in a timely fashion. Alternatively, we could lower the rating if the company's credit measures were to weaken such that FFO to debt were to fall well below 20%. This could occur

...We project that Range Resources Corp.'s credit measures will could weaken further. We anticipate funds from operations (FFO) to debt roughly in the 18% to 20% area over the next two years. Refinancing risk remains a concern. Range Resources Corp. has $1.4 billion of non reserve-based lending (RBL) debt maturing through 2023 and we view the company's access to unsecured capital markets as limited. Range operates in the volatile, cyclical, and capital-intensive & industry. We view the industry's exposure to volatile and cyclical commodity prices as a primary driver of the company's credit quality. We believe Range's need to reinvest to replace production limits its flexibility to curtail spending....

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