S&P rates Chesapeake notes BB

Standard & Poor's said it assigned a BB rating and 4 recovery rating to Chesapeake Energy Corp.'s proposed $500 million senior unsecured notes due 2016.

Proceeds will repay outstanding bank debt.

Ratings are unaffected by the company's preliminary fourth-quarter 2008 operational and financial results, and its announcement that it expects to report a $1.7 billion non-cash impairment charge, the agency said.

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