S&P ups Brigham Exploration

Standard & Poor's said it raised the corporate credit rating on Brigham Exploration Co. to B- from CCC+ and its $160 million 9 5/8% senior notes due 2014 to CCC+ from CCC with 5 recovery rating.

The outlook is stable.

"The rating actions follow Brigham's announcement of an equity offering, which should improve liquidity," S&P analyst Patrick Y. Lee said in a statement.

Ratings reflect the company's small reserve base, high debt leverage, tight liquidity and weak interest coverage, the agency said.

Ratings also reflect Brigham's improved liquidity as a result of the equity offering and growth prospects in the Williston Basin, the agency noted.

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