Moody's assigns Swift notes B3

Moody's Investors Service said it assigned a B3 rating to Swift Energy Co.'s proposed $200 million senior unsecured notes due 2020.

Moody's said it also affirmed its B2 corporate family rating and its existing senior unsecured note rating of B3.

The outlook remains stable.

The proceeds from the pending $200 million senior unsecured notes offering will be used to repay all of Swift's $150 million of 7.625% senior notes due 2011 and reduce outstandings under the $300 million revolving facility, the agency said.

According to Moody's, Swift's B2 corporate family rating reflects the company's scale, continued high and unsustainable costs trends, and financial leverage.

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