April 14, 2011 / 10:21 PM / 7 years ago

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.

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