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S&P: Stone Energy view negative
Standard & Poor's said it revised the outlook on Stone Energy Corp. to negative from stable and affirmed its B corporate credit rating.
"The outlook revision reflects our expectation that the company's borrowing base on its $700 million revolving credit facility could be re-determined at a lower bank lending price deck," S&P analyst Kenneth Cox said in a statement. "This could cause liquidity to tighten at Stone."
"The ratings on Stone reflect expectations of weak commodity prices, a small reserve base that is highly concentrated in the mature U.S. Gulf of Mexico shelf region and a short reserve life," Cox added.
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