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| Prospect News home > News index > List of issuers E > Headlines for Energy XXI Gulf Coast, Inc. > News item |
S&P lifts Energy XXI notes
Standard & Poor's said it revised the recovery rating on the senior unsecured debt of Energy XXI Gulf Coast Inc., a subsidiary of Energy XXI (Bermuda) Ltd., to 4 from 5.
The 4 recovery rating indicates 30% to 50% expected recovery in a default.
As a result, the agency also said it raised the rating on Energy XXI Gulf Coast's $750 million 9¼% notes and $250 million 7¾% notes to B+ from B.
The B+ corporate credit rating and stable outlook on Energy XXI (Bermuda) are unchanged.
The upgrade reflects the higher recovery valuation following the implementation of the agency's recently revised price and recovery methodology for exploration and production companies, S&P said.
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