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S&P downgrades Endeavour
Standard & Poor's said it lowered the corporate credit rating on Endeavour International Corp. to CCC+ from B-.
The outlook is negative.
In conjunction with the downgrade, the agency also said it lowered the rating on Endeavour's first-priority notes to CCC from CCC+. The recovery rating remains at 5, indicating 10% to 30% expected default recovery.
The agency also said it lowered the rating on Endeavour's second-priority notes to CCC- from CCC. The recovery rating remains at 6, indicating 0% to 10% expected default recovery.
The action reflects an expectation that Endeavour could have insufficient liquidity to meet its needs due to the delay in production from its Rochelle development, S&P said.
Production will be delayed due to damage sustained at its East Rochelle well, the agency said, and production is not expected to come online with related cash flow generation until the middle of 2013.
The company's liquidity position will be very thin over the course of 2013, S&P said.
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