S&P keeps Energy Partners on developing watch

Standard & Poor's said that the B+ corporate credit rating on Energy Partners Ltd. will remain on CreditWatch with developing implications.

The agency said that the rating on Energy Partners was placed on CreditWatch Developing on Aug. 29 and the B+ corporate credit rating on Stone Energy Corp. will remain on CreditWatch with negative implications, following the announcement that Energy Partners has terminated its merger agreement with Stone and will be exploring strategic alternatives to maximize shareholder value.

S&P said that if Woodside is successful in acquiring Energy Partners, ratings for Energy Partners would likely be raised to the level of those of Woodside, or withdrawn, if Energy Partners' existing rated issues are refinanced.

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