NEW YORK (Standard & Poor's) March 5, 2012--Standard & Poor's Ratings Services today said it assigned issue-level and recovery ratings to Enid, Okla. Continental Resources Inc.'s $650 million senior unsecured notes due 2022. The assigned issue rating on the notes is 'BB+' (the same as the corporate credit rating). The recovery rating on this debt is '3', indicating our expectation of a meaningful (50% to 70%) recovery in the event of default. The company will use the proceeds to repay debts under its revolving credit facility. (For the complete recovery analysis, see Standard & Poor's recovery report on Continental Resources Inc. to be published on RatingsDirect following the release of this report.) The ratings on exploration and production company Continental...
Companies mentioned in this report are: Continental Resources Inc.
Action: New Rating
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