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S&P lowers Plains Exploration
Standard & Poor's said it lowered the corporate credit rating on Plains Exploration & Production Co. to BB- from BB and removed the ratings from CreditWatch negative where they were placed in September.
The outlook is negative.
The agency also said it lowered the rating on Plains Exploration & Production's senior unsecured debt to B from BB-. The agency also said it revised the recovery rating on this debt to 6, reflecting 0% to 10% expected recovery in a default.
The downgrade follows Plains' completed acquisition of deepwater Gulf of Mexico properties from BP plc and Royal Dutch Shell plc, S&P said.
Despite these concerns, the transaction significantly expands Plains existing reserve base and production, the agency.
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