S&P ups Stone notes recovery

Standard & Poor's said it revised its recovery rating on Stone Energy Corp.'s senior unsecured notes to 3 from 4, indicating an expectation of meaningful recovery in the event of a payment default.

The B issue rating on the senior unsecured notes and the recovery and issue-level ratings on Stone's subordinated notes remain unchanged.

The agency said the improved recovery expectation reflects an updated higher valuation of Stone's year-end 2011 reserves and the recently issued $300 million convertible debt.

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