Clayton Williams Energy Inc.'s Proposed Unsecured Notes Assigned 'B' Rating (Recovery Rating: 4) Mar 11

Standard & Poors, March 2011

Abstract
NEW YORK (Standard & Poor's) March 7, 2011--Standard & Poor's Ratings Services today assigned issue-level and recovery ratings to Clayton Williams Energy Inc.'s proposed $300 million senior unsecured notes due 2019. The issue-level rating is 'B' (the same as the corporate credit rating). The recovery rating on this debt is '4', indicating our expectation of average (30%-50%) recovery in the event of a payment default. "Our recovery analysis incorporates Clayton Williams Energy's plans to use the proceeds from the proposed notes offering to tender for its $225 million 7.75% senior unsecured notes and to repay part of its outstanding balances under its secured revolving credit facility," said Standard & Poor's credit analyst Patrick Lee. Please see the updated recovery report...

Companies mentioned in this report are: Clayton Williams Energy Inc.
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.

Clayton Williams Energy Inc.

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