S&P: Berry Petroleum unaffected

Standard & Poor's said the BB corporate credit rating on Berry Petroleum Co. was unaffected by the company's announcement that it will acquire natural gas reserves in East Texas for $620 million.

The acquisition is expected to improve Berry's geographic diversity and increase the company's growth prospects, S&P noted.

Berry's adjusted debt would grow to more than $1 billion but its credit measures remain at acceptable levels for the current rating, the agency said.

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