We expect oil and gas exploration and production (E&P) company Range Resources Corp. to increase production over the next two years while funding capital spending largely through internally-generated cash flow. We are affirming our ratings on Range, including the 'BB+' corporate credit rating. The outlook is stable, reflecting our expectation that Range's credit measures will be consistent with the rating over the next two years, including projected FFO to debt above 20% and debt to EBITDA under 4x. On May 23, 2018, S&P Global Ratings affirmed its 'BB+' corporate credit rating on Range Resources Corp. The outlook is stable. The senior unsecured and subordinated issue-level ratings remain 'BB+'. The recovery rating remains '3', indicating meaningful (50%-70%; estimated: 65%, capped) recovery
