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S&P rates Evergreen notes
Standard & Poor's said it assigned its BB+ corporate credit rating to Evergreen Resources Inc. S&P also assigned its BBB+ rating and its recovery rating of 1+ to Evergreen's existing $200 million senior secured credit facility maturing in July 2005, assigned its BB rating to Evergreen's existing $100 million 4.75% senior unsecured convertible notes maturing in 2021 and its BB- rating to Evergreen's proposed $200 million senior subordinated notes maturing in 2012.
The outlook is stable.
S&P said the ratings on Evergreen reflect a below-average business profile, largely due to the cyclical and capital-intensive nature of the petroleum industry, and a moderate financial profile. Evergreen's business profile is supported by a steady production profile, long-lived reserve base, outstanding reserve replacement history, and extremely competitive cost structure.
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