S&P: EPL Oil notes unaffected

Standard & Poor's said its B- senior unsecured rating on EPL Oil & Gas, Inc.'s 8º% senior notes due 2018 is unchanged after the company announced it will seek to add $250 million to the existing $210 million notes outstanding, bringing the total issue amount to $460 million.

The recovery rating on the notes is 5, indicating an expectation of modest recovery in the event of a payment default.

The B corporate credit rating and stable outlook on EPL are unaffected.

S&P said the ratings on EPL Oil & Gas Inc. reflect S&P's assessment of the company's vulnerable business risk and aggressive financial risk profiles.

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