S&P revises outlook for Chaparral Energy |
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Published
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Wed, 10 Jan 2007 22:26
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NEW YORK (AFX) - Standard & Poor's Ratings Services said Wednesday it revised its outlook and affirmed its ratings for natural gas company Chaparral Energy Inc. after the company said it issued $275 million in senior notes.Standard & Poor's upped its outlook on the company to stable from negative. The company has a 'B' corporate credit rating and a 'CCC+' senior unsecured rating.The ratings service said the Chaparral incurred most of its $1 billion debt after acquiring Calumet Oil Co. in 2006. The service added that it had been concerned that Chaparral wouldn't be able to lower its outstanding debt on its credit facility before scheduled reductions in its borrowing base.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Chaparral Energy privately places stock 