S&P affirms Denbury, lifts Encore

Standard & Poor's said it affirmed the BB corporate credit rating on Denbury Resources Inc. following its plans to issue $1 billion in senior subordinated notes to finance the acquisition of Encore Acquisition Co.

At the same time, the agency said it raised the corporate credit rating on Encore to BB from BB- and removed it from CreditWatch, where it was placed with positive implications on Nov. 2, 2009.

The outlook on Encore is negative.

The agency said it also revised the recovery ratings on Denbury's senior subordinated debt to 4 from 3. The senior subordinated issue rating remains unchanged at BB.

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