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Moody's rates Encore notes B1
Moody's Investors Service said it assigned a B1 rating to Encore Acquisition Corp.'s proposed offering of senior subordinated notes due 2016 and affirmed its Ba3 corporate family and probability-of-default ratings, and B1 ratings on senior subordinated notes.
The outlook is negative.
"Encore's bond offering and corresponding reduction in revolver borrowings enhances the company's liquidity," Pete Speer, a Moody's vice president, said in a statement.
The negative outlook reflects concerns regarding the company's high leverage and its small proportion of hedged oil production for the remainder of the year, the agency said.
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