S&P ups PetroQuest Energy view to positive

Standard & Poor's said it affirmed its CCC+ corporate credit rating on PetroQuest Energy Inc. and revised the outlook on the company to positive from stable.

The revised outlook reflects good operating performance in 2005 and improving credit measures, the agency noted.

S&P said the speculative-grade rating on PetroQuest reflects the company's very high debt leverage, aggressive growth strategy, elevated cost structure, exposure to volatile hydrocarbon prices and limited reserve base, adding that these weaknesses are partly mitigated by PetroQuest's adequate liquidity, significant control over capital expenses and solid success rates.

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