S&P: Stone Energy unaffected

Standard & Poor's said Tuesday that Stone Energy Corp.'s (BB/stable/--) announcement that it has named David H. Welch as its new president and CEO to replace the retiring president and CEO D. Peter Canty will not affect the ratings or outlook on Stone.

S&P said the management change is not expected to significantly affect Stone's financial policies and growth strategy. To S&P's knowledge, the retirement was planned during the past year and does not signify any deterioration in the company's operations or financial position.

Stone made good progress to improve its credit profile in 2003, highlighted by debt reduction (about $70 million as of the third quarter) and replacement of about 167% of its reserves. As of Sept. 30, 2003, total debt to total capital was 35%, down from 43% at year-end 2002.

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