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S&P assigns Pioneer convertibles BB+
Standard & Poor's said it assigned its BB+ senior unsecured rating to the proposed $400 million convertible senior notes offering of Pioneer Natural Resources Co. (BB+/stable).
The agency said that the proposed notes will mature in 2038 and have call and put features beginning in 2013, adding that the company will use proceeds to repay borrowings under its bank facility.
"The ratings on Pioneer are based on a satisfactory business risk profile incorporating participation in the exploration and production sector of the oil and gas industry, coupled with an aggressive financial risk profile," said S&P credit analyst Ben Tsocanos.
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