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S&P: Endeavour B-, notes CCC
Standard & Poor's said it assigned a preliminary B- corporate credit rating to Endeavour International Corp.
The outlook is stable.
The agency also said it assigned a preliminary CCC rating to Endeavour's proposed $500 million senior unsecured notes due 2020 with a preliminary 6 recovery rating, indicating 0% to 10% expected recovery in a default.
The proceeds will be used to acquire assets in the North Sea from ConocoPhillips and to repay existing debts.
The ratings reflect its small reserve and production base and its geographic focus on the North Sea, S&P said.
The ratings also consider the company's participation in the competitive and highly cyclical oil and gas industry, the agency said, as well as its strong reserve replacement metrics, favorable finding and development costs.
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