S&P rates Stone Energy notes B+

Standard & Poor's said it affirmed Stone Energy Corp.'s BB ratings and issued its B+ rating to the company's $150 million new 10-year senior subordinated notes. The outlook is negative.

Proceeds from the notes will refinance funds recently drawn under the company's credit facility used to acquire additional working interests from Anadarko Petroleum Corp.

S&P said the ratings on Stone reflect the challenges associated with the volatile, capital-intensive, exploration and production segment of the oil and natural gas industry, a short reserve life and geographic concentration of reserves.

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