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S&P puts EPL Oil on positive watch
Standard & Poor's said it placed its ratings, including its B corporate credit rating, on EPL Oil & Gas, Inc. on CreditWatch with positive implications.
The action follows the company's announcement that Energy XXI (Bermuda) Ltd. will acquire it for total consideration of $2.3 billion, including the assumption of debt. The agency said it believes EPL's credit profile would improve if the acquisition is consummated.
"We will resolve the CreditWatch listing for EPL on completion of the proposed transaction. The corporate credit rating for EPL could be raised as high as Energy XXI (Bermuda) Ltd.'s ratings," S&P credit analyst Stephen Scovotti said in a news release.
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