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Brigham Exploration Co.'s $250 Million Senior Unsecured Notes Issue Rated 'CCC+'; Existing Sr Unscd Notes Cut To 'CCC+'
Standard & Poors, May 2011
Abstract
U.S. independent exploration and production (E&P) company Brigham Exploration Co. (Brigham) recently proposed a $250 million issuance of senior unsecured notes. We are assigning a 'CCC+' issue rating to the proposed senior unsecured notes and a '6' recovery rating. We are also lowering our issue-level rating on Brigham's already existing senior unsecured notes to 'CCC+' from 'B-' and revising our recovery rating on those notes to '6' from '5'. The stable outlook on Brigham is based on our expectation that it will have sufficient cash flow and liquidity to fund capital expenditures and to pay interest over the near term. NEW YORK (Standard & Poor's) May 16, 2011--Standard & Poor's Ratings Services said today it assigned its 'CCC+' issue-level rating...
Companies mentioned in this report are: Brigham Exploration Co.
Action: Downgraded
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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