S&P lowers W&T recovery

Standard & Poor's said it revised its recovery rating on W&T Offshore Inc.'s senior unsecured debt to 4, indicating an expectation of average recovery in the event of a payment default, from 3.

The issue-level rating on W&T's unsecured debt remains B.

The agency said the lower recovery expectation reflects the company's increased borrowing base and commitment amounts, which were raised in November to $725 million from $575 million.

Fitch said the ratings on W&T reflect the agency's assessment of the company's vulnerable business risk and aggressive financial risk.

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