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S&P rates Stone Energy floaters B
Standard & Poor's said it assigned its B rating to Stone Energy's proposed $225 million in senior floating-rate notes due 2010.
The ratings remain on CreditWatch with developing implications, pending the resolution of the ongoing bidding process for Stone Energy that involves Energy Partners Ltd. (B+/Watch negative) and Plains Exploration & Production Co. (BB/Watch negative), S&P said.
The agency added that debt leverage is expected to worsen for Stone Energy post-funding the transaction, with debt per total proved barrel expected to worsen to $8.00 from about $6.00 per barrel at present.
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