Fitch rates Chesapeake Energy notes BB-

Fitch Ratings said it assigned a BB- rating to Chesapeake Energy Corp.'s $3 billion senior notes offering due 2019 and 2022.

The proceeds of this offering will be used to tender for the 9½% senior notes due 2015 and to refinance other debt.

The company also has an issuer default rating of BB-, senior unsecured notes rating of BB-, senior secured revolving credit facility rating of BBB- and convertible preferred stock rating of B.

The ratings reflect the large company's size, operating and asset profile and its levered capital structure, Fitch said.

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