S&P: withdraws Atlas Energy Resources following acquisition
(The following was released by the rating agency)
April 14, 2011--Standard & Poor's Ratings Services said today it withdrew its ratings on Atlas Energy Resources LLC per issuer request. This follows Chevron Corp.'s (AA/Stable/A-1+) acquisition of ATN's parent Atlas Energy Inc. and Chevron's satisfaction of ATN's obligations under its senior unsecured notes.
Chevron acquired ATLS in a deal initially valued at $4.3 billion. As part of that merger, Chevron satisfied ATN's obligations under its $400 million 10.75% senior unsecured notes and $200 million 12.125% senior unsecured notes. We are withdrawing the ratings on ATN per Chevron's request.