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S&P rates Chesapeake loan
Standard & Poor's said it affirmed its BB- corporate credit rating on Chesapeake Energy Corp. and assigned its BB+ secured debt rating to Chesapeake Exploration LP's $600 million secured hedging facility due 2009, guaranteed by Chesapeake Energy.
S&P also assigned a 1 recovery rating to the facility.
The outlook is positive.
S&P said the rating on the $600 million secured hedging facility incorporates the stabilizing effects of the secured hedging program on Chesapeake's cash flows and the strength of the collateral package offered to lenders.
Credit measures are expected to improve through 2005 with total debt-to-EBITDA under 2.0x, funds-from-operations-to-debt over 45%, and EBITDA interest coverage over 6.0x.
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