S&P cuts PetroQuest debt

Standard & Poor's said it affirmed its B corporate credit rating on PetroQuest Energy Inc.

The outlook is stable.

At the same time, the agency lowered its senior unsecured debt ratings to B from B+ and revised the recovery rating on the senior unsecured debt to 4 from 2.

S&P said the downgrade indicates its expectation of average (30% to 50%) recovery in the event of a payment default, which reflects its assessment that recovery prospects will diminish following the acquisition and related financings.

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