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Moody's: Stone Energy cut to negative, notes rated B2
Moody's Investors Services said it affirmed the Ba3 senior implied rating for Stone Energy Corp., assigned a B2 to the company's proposed $150 million senior subordinated notes offering and changed the outlook to negative from stable.
Moody's said the ratings consider future acquisitions and whether they are sufficiently funded with a combination of cash flow and new common equity and if they are viewed to add strength to the company's property base.
The ratings are supported by Stone's seasoned, highly skilled management, strong commodity price support for strong pre-capex cash flows into 2005, a high percentage of operated properties, sound balance sheet leverage and ample liquidity; according to Moody's.
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