(The following statement was released by the rating agency)
Oct 3 - Standard & Poor's Ratings Services said today that Vanguard Natural Resources LLC is offering a $200 million add-on to the existing $350 million senior unsecured notes due 2020. This add-on will not affect our 'B-' rating and our '5' recovery rating on the notes. This brings the new total on the unsecured notes to $550 million. The issue rating on the senior unsecured notes is one notch lower than the corporate credit rating and the recovery rating indicates our expectation for a modest (10% to 30%) recovery in the event of a payment default.
For the corporate credit rating rationale, see our research update on Vanguard published June 7, 2012, on RatingsDirect. For the complete recovery analysis, see our recovery report on Vanguard to be published on RatingsDirect following the release of this report.
RATINGS LIST Vanguard Natural Resources LLC Corporate credit rating B/Stable/-- $550 mil sr unsecd nts B- Recovery rating 5
(Caryn Trokie, New York Ratings Unit)