S&P: Whiting recovery to 3

Standard & Poor's said it revised the recovery rating on Whiting Petroleum Corp.'s senior subordinated debt to 3 from 4, reflecting 50% to 70% expected recovery in a default.

The agency also said it affirmed the BB rating on the company's existing $250 million 7% senior subordinated notes due 2014 and $350 million 6.5% senior subordinated notes due 2018.

The rating is in line with the corporate credit rating on Whiting.

The revision of the recovery rating is based on an updated valuation of the company's proven reserves as of year-end 2010, S&P said.

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