S&P cuts EXCO Resources notes

Standard & Poor's said it affirmed its B corporate credit rating on EXCO Resources Inc. and revised the outlook on the company to stable from developing.

In addition, S&P said it lowered its ratings on EXCO's senior unsecured notes to B- from B.

The senior unsecured notes have been notched down to reflect priority debt in the current capital structure, the agency said.

The affirmation follows EXCO's recently completed public equity offering with proceeds of $619 million used to retire debt and preferred stock, S&P noted.

S&P said the ratings on EXCO reflect its highly leveraged financial profile, an acquisitive growth strategy and aggressive financial policies.

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