S&P boosts Quicksilver

Standard & Poor's said it raised its long-term corporate credit on Quicksilver Resources Inc. to B+ from B.

At the same time, the agency said it removed the rating from Creditwatch, where it had been placed with positive implications on June 18.

Quicksilver's recently issued $600 million of senior unsecured notes due 2016 and its previously issued unsecured notes due 2015 both retain their B issue-level rating, one notch lower than the corporate credit rating, the agency added.

However, S&P said it revised the recovery rating on both notes to 5, indicating modest recovery in the event of a payment default, from 4, adding that it raised the rating on the company's $350 million of subordinated notes due 2016 and $150 million convertible subordinated debentures due 2024 to B- from CCC+. The recovery rating remains unchanged at 6.

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