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Decline in NGL, gas prices causes Fitch to downgrade Antero Resources

Fitch Ratings on Aug. 30 lowered Appalachian shale driller Antero Resources Corp.'s issuer default rating and senior unsecured debt to BB+ from BBB-, with a stable outlook.

Fitch said the downgrade reflects the sharp decline in NGL and natural gas prices, which puts Antero in a difficult spot because it is highly levered to NGLs compared to other Appalachian drillers.

The ratings downgrade for Antero affected $3.6 billion of the company's debt, Fitch said in the report. Furthermore, while Antero does not have any maturities due immediately, it has approaching maturities of $2.85 billion, with $1 billion of notes due 2021.

On Aug. 23, S&P Global Ratings also lowered Antero's issuer credit and senior unsecured ratings to BB from BB+ along with those of two other shale gas drillers. The company's downgrade comes in the midst of declining expectations for natural gas and NGL prices across Appalachia.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.