S&P: Chesapeake view stable

Standard & Poor's said it revised its rating outlook on Chesapeake Energy Corp. to stable from negative.

S&P affirmed its ratings on the company, including the BB- corporate credit rating on the company, and the BB- corporate credit rating on a related entity, Chesapeake Oilfield Operating LLC.

The agency also affirmed the BB- issue-level rating on Chesapeake's senior unsecured notes; the recovery rating on these notes is 3, which indicates the expectation of meaningful (50% to 70%) recovery in the event of a payment default.

"Our ratings reflect our assessment of Chesapeake's business risk profile as 'satisfactory' while we view the company's financial risk profile as 'aggressive,'" S&P credit analyst Scott Sprinzen said in a news release.

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