Moody's: Endeavour notes Caa2

Moody's Investors Service said it assigned a Caa2 corporate family rating to Endeavour International Corp. and a Caa2 rating to its proposed offering of $250 million of senior notes due 2016. Moody's also assigned a SGL-3 speculative-grade liquidity rating and a stable outlook.

The proceeds of the offering will be used to repay existing debt.

Endeavour's ratings reflect its very small proved developed reserve and production size, significant asset concentration and high debt levels, the agency said.

The SGL-3 liquidity rating reflects adequate liquidity and is based on the sizable cash balance Endeavour will have following the proposed senior notes offering, which should provide adequate liquidity through the middle of 2012, the agency added.

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