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S&P takes action on oil, gas companies
Standard & Poor's said it lowered the senior unsecured issue and recovery ratings of Quicksilver Resources Inc. (B+/stable) to B from B+ and to 5 from 3, BreitBurn Energy Partners (B+/stable) to B from B+ and to 5 from 4, Helix Energy Solutions Group Inc. (B/stable) to CCC+ from B- and to 6 from 5, Rosetta Resources Inc. (B/stable) to B- from B+ and to 5 from 2, Chaparral Energy Inc. (B/stable) to B from B+ and to 4 from 2, NFR Energy LLC (B/stable) to B- from B and to 5 from 4 and Delta Petroleum Corp. (CCC/negative) to CCC- from CCC and to 5 from 4.
S&P lowered the second-lien secured issue ratings and recovery ratings of Venoco Inc. (B/stable) to B from BB- and to 4 from 1, and Dune Energy Inc. (CCC-/negative/unsolicited) to CC from CCC- and to 5 from 4.
S&P said it raised the senior issue ratings and recovery ratings of Forest Oil Corp. (BB-/stable) to BB- from B+ and to 4 from 5, and Clayton Williams Energy Inc. (B/stable) to B from B- and to 4 from 5. S&P also raised the subordinated issue rating of Penn Virginia Corp. (BB-/stable) to B+ from B and its recovery rating to 5 from 6.
S&P also said that the issue ratings on Whiting Petroleum Corp. (BB/stable) and PetroQuest Energy Inc. (B/stable) are unchanged but the recovery ratings were revised to 4 from 3. The issue ratings on Range Resources Corp. (B/stable) and Bill Barrett Corp. (BB-/stable) were also unchanged but the recovery ratings were raised to 3 from 4.
The rating actions follow an industry wide review, following the Sept. 30 revision of S&P's exploration and production recovery criteria to better reflect the expectation for commodity prices and reserve values in a default scenario.
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