Comstock Resources Inc. Rating Lowered To 'B+' On Impact From Revised Natural Gas Price Assumption; Outlook Negative Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's recently lowered its natural gas pricing assumptions for 2012, 2013, and 2014. This has a negative impact on U.S.-based natural gas producer Comstock Resources' estimated profitability and cash flows. As a result, we are lowering our corporate credit rating on Comstock to 'B+' and our rating on its senior unsecured debt to 'B' (the recovery rating is '5'). Our negative outlook reflects the company's "less-than-adequate" liquidity and the potential for it to weaken further if natural gas prices remain depressed. NEW YORK (Standard & Poor's) Feb. 7, 2012--Standard & Poor's Ratings Services said today that it lowered its corporate credit rating on Frisco, Texas-based Comstock Resources Inc. to 'B+' from 'BB-'. The outlook is negative. We also...

Companies mentioned in this report are: Comstock Resources Inc.,Stone Energy Corp.
Action: Downgraded

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.

Comstock Resources Inc.,Stone Energy Corp.

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