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S&P cuts Energy XXI Gulf Coast
Standard & Poor's said today it lowered the issue-level rating on Energy XXI Gulf Coast Inc.'s proposed senior secured second-lien notes to B from B+ and revised the recovery rating to 2 from 1, indicating an expectation of substantial (70% to 90%; upper half of the range) recovery in the event of a default.
Parent company Energy XXI Ltd. is guaranteeing the notes.
S&P said it revised the ratings based on the company's decision to increase the issue to $1.45 billion from $1.25 billion. As a result, the agency revised its original estimated recovery on the notes.
The corporate credit rating and outlook on parent company Energy XX1 Ltd. remain at B- and negative, respectively.
S&P said the ratings on Energy XXI Ltd. reflect its assessment of the company's "weak" business risk, "highly leveraged" financial risk and "adequate" liquidity.
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