S&P gives Swift Energy notes BB-

Standard & Poor's said it assigned an issue-level rating of BB-, one notch higher than the corporate credit rating, to Swift Energy Co.'s proposed $200 million of senior unsecured notes due 2020.

The recovery rating is 2.

According to the agency, the company intends to use gross proceeds of $200 million to redeem its $150 million of 7.625% notes due 2011.

Once it calls the notes, the agency said it expects to withdraw the rating on the issue, adding that Swift will apply additional proceeds to its revolving credit facility so that there will be more than $275 million available under its recently re-affirmed $300 million borrowing base revolving credit facility due 2011.

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