Oil and gas exploration and production (E&P) company Range Resources Corp. 's credit measures are expected to improve significantly compared with 2016 due to improved unit costs, higher production, and better realized prices. The use of equity to fund the large portion of Memorial Resource Development Corp. acquisition also helped in reducing financial leverage. 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 22, 2017, S&P Global Ratings affirmed its 'BB+' corporate credit rating on Range Resources Corp. The
