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Fitch downgrades Antero Resources on large maturity wall, weak commodity prices from SNL Energy Finance Daily Fitch downgrades Antero Resources on large maturity wall, weak commodity pricesByline: Stephen Cedric Jumchai Fitch Ratings lowered Antero Resources Corp.'s issuer default rating to BB- from BB+ and downgraded the Appalachian driller's senior unsecured debt to BB-/RR4 from BB+/RR4 and its senior secured revolver to BB+/RR1 from BBB-/RR1. The rating agency also revised the company's outlook from stable to negative, according to a Feb. 10 news release. Fitch said the downgrade reflects Antero's limited market access in the context of its large maturity wall as well as weak natural gas and NGL prices; its near-term negative free cash flow linked to plans to grow into unused pipeline commitment; and the execution risk on parts of the company's proposed asset sales programs. The rating agency said it believes that Antero has adequate ability to address its nearest 2021 maturity using asset sales and potential royalty interest sales. |
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