Oil and gas exploration and production company Range Resources Corp. completed its acquisition of Memorial Resource Development Corp. (MRD) for equity and the assumption of MRD's debt. The transaction reduces Range's financial leverage due to the use of equity to fund a large portion of the purchase price. We are affirming our ratings on Range, including the 'BB+' corporate credit rating, and revising the rating outlook to stable from negative. The senior unsecured and subordinated issue-level ratings remain 'BB+'. The stable outlook reflects our forecast that Range's credit measures, while slightly weak for the rating next year, will improve thereafter, supported by the addition of MRDs production and lower transportation costs. On Sept. 22, 2016, S&P Global Ratings affirmed its
