S&P upgrades McMoRan

Standard & Poor's said it raised its ratings, including the corporate credit rating, on McMoRan Exploration Co. to B from B-.

The outlook is stable.

The upgrade reflects the company's significant decrease in leverage, improved operating performance and strong liquidity position, the agency said, adding that McMoRan's strengthened drilling program and flush production profile in its Gulf of Mexico operations has allowed it to generate significant cash flow.

S&P said the rating continues to incorporate McMoRan's small, geographically concentrated reserve base and high-risk exploration strategy.

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