Range Resources Corp. Proposed Senior Unsecured Notes Rated 'BB+' (Recovery Rating: '3')

NEW YORK (S&P Global Ratings) Aug. 3, 2016--S&P Global Ratings said today that it assigned its 'BB+' issue-level '3' recovery ratings to U.S.-based oil and gas exploration and production company Range Resources Corp.'s planned senior unsecured note offering. The '3' recovery rating indicates our expectation for meaningful (higher end of the 50%-70% range) recovery in the event of a default. The company is offering the new notes at par in exchange for Range's existing senior subordinated notes due 2021, 2022 and 2023, and in exchange for Memorial Resource Development Corp.'s (MRD's) senior unsecured notes due 2022 in conjunction with Range's acquisition of MRD. The new notes have the same coupon and maturity as the existing notes. The 'BB+' corporate credit

...NEW YORK (S&P Global Ratings) Aug. 3, 2016--S&P Global Ratings said today that it assigned its '##+' issue-level '3' recovery ratings to U.S.-based oil and gas exploration and production company Range Resources Corp.'s planned senior unsecured note offering. The '3' recovery rating indicates our expectation for meaningful (higher end of the 50%-70% range) recovery in the event of a default. The company is offering the new notes at par in exchange for Range's existing senior subordinated notes due 2021, 2022 and 2023, and in exchange for Memorial Resource Development Corp.'s (MRD's) senior unsecured notes due 2022 in conjunction with Range's acquisition of MRD. The new notes have the same coupon and maturity as the existing notes. The '##+' corporate credit rating and negative outlook on Range and the '##+' issue-level ratings on its existing senior subordinated notes and senior unsecured notes are unchanged. We expect to review our issue-level rating on the remaining subordinated notes...

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