S&P: Encore notes BB-

Standard & Poor's said it reassigned the BB- rating to Encore Acquisition Co.'s $225 million 9½% senior subordinated notes due 2016, which is now an unsecured obligation of Denbury Resources Inc.

This action corrects an internal administrative error that occurred when S&P withdrew its ratings on Encore following its acquisition by Denbury Resources.

The recovery rating on this note is 5, indicating 10% to 30% expected recovery in a default, S&P said.

Denbury Resources also has a corporate credit rating of BB with a stable view.

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