S&P elevates Endeavor

S&P said it raised its corporate credit rating on Endeavor Energy Resources LP to B+ from B. The outlook is stable.

S&P also raised the issue-level rating on the company's unsecured debt to BB- from B+. The recovery rating remains 2, reflecting an expectation of substantial (70%-90%; rounded estimate: 85%) recovery in the event of a payment default.

In addition, S&P raised the issue-level rating on the company's secured debt to BB from BB-. The recovery rating remains 1, reflecting an expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default.

“The upgrade reflects Endeavor's success at increasing its oil and gas production and reserves in the Permian Basin while simultaneously lowering costs and improving leverage measures. We expect this trend to continue as the company uses proceeds from over $1 billion in non-core asset sales since 2016 to help fund its expanded capital program,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.