S&P lifts Canbriam notes to B-

Standard & Poor's said it raised its issue-level rating on Canbriam Energy Inc.'s senior unsecured notes due 2019 to B- from CCC+ and revised the recovery rating to 4 from 5.

The B- corporate credit rating and stable outlook are unchanged.

S&P said the issue-level upgrade reflects its view that Canbriam's senior unsecured noteholders could expect average (30%-50%; lower end of scale) recovery in our default scenario.

"The increase in the company's year-end 2014 proven reserves has bolstered recovery prospects for its unsecured lenders," S&P credit analyst Aniki Saha-Yannopoulos said in a news release.

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