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Moody's affirms Atlas Energy
Moody's Investors Service said it affirmed the ratings of Atlas Energy Operating Co., LLC, including its B1 corporate family rating and the B3 rating on its 10.75% senior unsecured notes due 2018.
The B3 rating applies to the $150 million follow-on offering, the agency said, adding that the loss-given-default point estimate on the senior notes was from changed to 83% from 87% (both LGD 5), reflecting pro forma changes the liability waterfall.
Proceeds from the offering will be used to repay borrowings under Atlas Energy's credit facility, the agency added.
The outlook is stable.
The affirmation reflects that little has changed since ratings were initially assigned in January 2008. ratings were assigned to a proposed $400 million of senior notes, which was subsequently reduced to $250 million, S&P noted.
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