May 30, 2012 / 2:17 PM / 5 years ago

TEXT-S&P revises Penn Virginia Corp recovery rating

May 30 () - Standard & Poor's Ratings Services today said it revised its recovery rating on Radnor, Pa.-based Penn Virginia Corp.'s senior unsecured notes to '4', indicating our expectation of average (30% to 50%) recovery in the event of a payment default, from '3'. The 'B' issue rating on the senior unsecured notes remains unchanged. Our revision reflects a decline in Penn Virginia's reserve valuation as of March 31, 2012, at our stressed price deck assumptions of $45 per barrel of West Texas Intermediate crude oil and $4 per million BTU of Henry Hub natural gas. RELATED RESEARCH AND CRITERIA

-- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011

-- Criteria Guidelines For Recovery Ratings, Aug. 10, 2009.

-- Corporate Ratings Criteria 2008, published April 15, 2008. RATINGS LIST Penn Virginia Corp. Corporate credit rating B/Negative/--

To From Revised Recovery Rating Senior unsecured notes B B Recovery rating 4 3 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below