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S&P revises Energy XXI recovery to 3
Standard & Poor's said it revised the recovery rating on Energy XXI Gulf Coast Inc.'s senior unsecured debt to 3 from 4.
Energy XXI Gulf Coast is a subsidiary of Energy XXI (Bermuda) Ltd.
The 3 recovery rating reflects 50% to 70% expected default recovery.
The rating on Energy XXI's unsecured debt remains at B+, which is the same as the corporate credit rating.
The higher recovery expectation reflects an updated valuation of proved reserves, including the recent acquisition of additional interests in the Laphroaig field, S&P said.
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