S&P lowers Energy Partners

Standard & Poor's said it lowered its corporate credit rating on Energy Partners Ltd. to B from B+.

The downgrade follows the company's announcement that it has concluded its strategic review process, the agency said.

Consequently, management will proceed with a $200 million, initially debt-financed, share repurchase program, S&P noted.

At the same time, the agency said it revised the CreditWatch implications on the company from developing to negative.

The downgrade reflects an expected further increase to debt leverage over the near term, the agency added.

© 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.