Moody's confirms Denbury

Moody's Investors Service said it confirmed the ratings for Denbury Resources Inc.

The agency noted that the confirmed ratings include Denbury's Ba3 corporate family rating, its Ba3 probability of default rating as well as the B1 (LGD 5) rating on the existing senior subordinated notes.

Moody's said it also assigned a B1 (LGD 5, 73%) rating to the company's proposed $1.0 billion senior subordinated notes offering.

The outlook is negative.

In conjunction with this action, Moody's said it also confirmed the ratings for Encore Acquisition Co., noting that the confirmed ratings for Encore include the Ba3 corporate family rating and probability of default rating, and B1 (LGD 5, 74%) on the senior subordinated notes.

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