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S&P: EXCO on positive watch
Standard & Poor's said it placed its B corporate credit and other ratings on EXCO Resources Inc. on Creditwatch with positive implications.
"The ratings action follows the company's announcement that EXCO has entered into an agreement with BG Energy Holdings [A/stable/A-1] for the joint development of EXCO's Haynesville Shale acreage and other assets in North Louisiana and East Texas regions," said S&P credit analyst Jeffrey Morrison.
The agency noted that EXCO has also agreed to sell a 50% interest in its North Louisiana and East Texas midstream Assets to BG. Under the terms of these agreements, EXCO will receive $904 million in initial proceeds.
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