Moody’s rates Endeavor Energy notes B3

Moody's Investors Service said it assigned a B3 rating to Endeavor Energy Resources, LP's proposed $300 million senior unsecured notes.

All existing ratings, including the B1 corporate family rating, are unchanged.

The outlook remains negative.

Moody’s said the B3 ratings on Endeavor's proposed and existing senior unsecured notes reflects their subordination to the company's borrowings under its $1,125,000,000 borrowing base revolving credit facility due 2019. These borrowings have a priority claim to the company's assets.

The size of the claims relative to Endeavor's outstanding senior unsecured notes results in the notes being rated two notches below the B1 corporate family rating under Moody's Loss Given Default methodology.

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