We have revised our estimates to reflect the recent reduction in our crude oil and natural gas price deck assumptions. We expect U.S.-based independent oil and gas exploration and production company Range Resources' credit measures to fall below our expectations for the 'BB-' rating. We are lowering our issuer credit rating on Range to 'B' from 'BB-' and on the senior unsecured debt to 'B+' from 'BB-' and revising the recovery rating to '2' from '3'. Our negative outlook reflects both lower commodity prices as well as weakened capital market conditions, both of which could pressure existing covenants and result in challenges refinancing near-term debt maturities. Our negative ratings outlook on Range reflects low gas prices, which could pressure existing
