MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it
raised Berry Petroleum Co.'s corporate credit rating to 'BB' from 'BB-' with
stable outlook.
S&P noted that the company's issue rating on the senior subordinated notes
were raised to 'B+' from 'B', while the recovery rating remains at '6'.
"The ratings action follows our revision of the company's outlook to
positive on Dec. 27, 2007, and reflects the company's successful execution of
its growth strategy and increasing production while maintaining moderate
financial leverage," S&P said.
Berry's reserve base, which consisted of 169 million barrels of oil
equivalent (boe) as of Dec. 31, 2007 (around 70 percent oil; 61 percent
developed), is in the midst of a multiyear transition that began in 2003, S&P
said.
Through several acquisitions over the past three years that totaled about
$485 million, Berry has amassed significant acreage and modest production in the
Piceance, Uinta, and Denver-Julesberg basins of North America, S&P said.
TFN.newsdesk@thomson.com
kbo/ssa
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