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S&P puts EXCO on watch
Standard & Poor's said it placed EXCO Resources Inc.'s BB- corporate credit rating and B rating on its senior unsecured debt on CreditWatch with negative implications. The 6 recovery rating indicates expectation of 0% to 10% recovery.
The actions follow the buyout bid by EXCO's chairman and chief executive officer Doug Miller for all outstanding shares not owned by him at a cash price of $20.50 per share, according to the agency.
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