Moody's gives Plains Exploration note B1

Moody's Investors Service said it assigned a B1 rating (LGD 4; 67%) to Plains Exploration and Production's $500 million pending note offering.

Moody's said it also affirmed Plains Exploration's Ba3 corporate family rating, Ba3 probability of default rating, and B1 senior unsecured note ratings, but changed the LGD statistics for Plains Exploration's existing notes to LGD 4; 67% from LGD 4; 69%.

The outlook remains negative.

According to the agency, the outlook reflects that current crude oil and natural gas wellhead prices may need to rise materially to avoid a negative rating action later this year or during first quarter 2010.

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