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Black Elk Energy Offshore Operations LLC Senior Secured Debt Rating Raised To 'B', Recovery Rating Now '2' Dec 11
Standard & Poors, Dec 2011
Abstract
NEW YORK (Standard & Poor's) Dec. 28, 2011--Standard & Poor's Ratings Services said today that it raised its senior secured debt ratings on Houston-based Black Elk Energy Offshore Operations LLC (Black Elk) to 'B' (one notch above the corporate credit rating) from 'B-'. We revised our recovery rating on this debt to '2', indicating our expectation for substantial (70% to 90%) recovery in the event of a payment default, from '4'. The revised recovery rating reflects changes to the company's reserve values following recent acquisitions and changes to its capital structure. Our valuation of reserves is based on a company-provided PV-10 report using mid-year 2011 reserves at our stressed price assumptions of $45 per barrel of West Texas Intermediate (WTI)...
Companies mentioned in this report are: Black Elk Energy Offshore Operations LLC,Black Elk Energy Finance Corp.
Action: Upgraded
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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