S&P ups SRC, pulls ratings

S&P said it upgraded the ratings for SRC Energy Inc. and its senior unsecured notes to BB from B and B+, respectively, following the company’s acquisition by PDC Energy Inc.

S&P removed the ratings from CreditWatch with positive implications and withdrew the issuer rating. PDC assumed SRC’s debt. S&P revised the recovery rating to 3 from 2. The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery of principal to creditors in the event of a payment default.

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