S&P affirms Endeavor Energy

S&P said it affirmed its B+ issuer credit rating on Endeavor Energy Resources LP. The outlook remains stable.

S&P also affirmed the BB- issue-level rating on the company’s unsecured debt. 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, the agency affirmed the BB issue-level rating on the company’s secured debt at BB. The recovery rating remains 1, reflecting an expectation of very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default.

“Since our last update, Endeavor has continued to raise oil and gas production and reserves while lowering costs and improving leverage metrics,” S&P said in a news release.

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