S&P lifts Baytex to BB

Standard & Poor's said it raised its ratings on Baytex Energy Corp.'s senior unsecured debt to BB from BB-.

The recovery rating on this debt was revised to 3 from 5.

At the same time, S&P affirmed its BB long-term corporate credit rating on the company.

The outlook is stable.

"We have increased our estimated enterprise value for Baytex, due primarily to the oil sands-related reserves the company added to its asset portfolio during 2012," S&P credit analyst Michelle Dathorne said in a news release.

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