S&P lowers Gastar

Standard & Poor's said it lowered its corporate credit and senior secured notes ratings on Gastar Exploration USA Inc. to CCC from CCC+.

The outlook is developing.

The agency said that the downgrade reflects its concerns about the company's limited liquidity, considerable refinancing risk in 2009, and limited covenant cushion.

Within the next year, the company will need about $90 million in external financing to fund its $55 million drilling program and current maturities of $33 million, the agency added.

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