S&P rates Chesapeake notes BB

Standard & Poor's said it assigned a BB issue rating and 3 recovery rating to Chesapeake Energy Corp.'s proposed $1 billion of senior notes due 2021.

Proceeds from the offering will repay outstanding bank debt.

The ratings on Chesapeake were placed on CreditWatch with positive implications on Feb. 7, 2011, following the company's announcement that it would use the proceeds from assets sales to reduce debt, S&P said.

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