S&P affirms Denbury

Standard & Poor's said it affirmed its ratings, including the BB corporate credit rating, on Denbury Resources Inc.

"The affirmation follows Denbury's announcement that it plans to acquire Encore Acquisition Co. in a transaction valued at $4.5 billion," said S&P credit analyst David Lundberg.

The outlook remains negative.

At the same time, the agency said it placed its ratings on Encore, including the BB- corporate credit rating, on Creditwatch with positive implications.

Denbury announced that it would acquire Encore in a transaction valued at $4.5 billion, including the assumption of debt and the value of Encore's ownership in Encore Energy Partners LP, the agency noted.

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