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S&P upgrades EPL Oil, notes
Standard & Poor's said it raised its corporate credit rating on EPL Oil & Gas Inc. to B+ from B, consistent with the existing corporate credit rating on parent company Energy XXI (Bermuda) Ltd.
The agency views EPL as core to Energy XXI's operations.
"We removed the ratings from CreditWatch, where we placed them with positive implications March 13, 2014, following Energy XXI's announcement of its plan to acquire EPL," S&P credit analyst Stephen Scovotti said in a news release.
The outlook on EPL is stable, reflecting that of Energy XXI.
S&P also raised the issue-level rating on EPL's senior unsecured notes (which remain outstanding following the completion of the transaction) to B from B-, one notch below the corporate credit rating. The recovery rating on the notes remains 5, indicating an expectation of modest (10% to 30%) recovery in the event of payment default.
The actions follow Energy XXI’s June 3 acquisition of EPL.
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