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Moody's may downgrade Stone Energy
Moody's Investors Service said it kept Stone Energy Corp.'s B2 corporate family and probability-of-default rating, B2 senior unsecured notes (LGD3) and Caa1 senior subordinated notes (LGD5) under review for possible downgrade following the company's announcement that Energy Partners Ltd. terminated its merger agreement with Stone Energy.
Prior to the announcement in April that Stone was being acquired, the company had been under review for possible downgrade due to the agency's concerns about the overall performance and future strategy. Moody's said it is maintaining the review due to Stone Energy's weak operating performance on a standalone basis, the recent history of significant negative reserve revisions and the incremental leverage Stone assumed in relation to its increased stake in Amberjack.
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