Markets
U.S. open in 6 hrs, 59 mins
BUSINESS NEWS
- Market News
- Earnings
- Recalls
- Recession Watch
- Tech News
- Financial Crisis
- Madoff Scandal
- BloggingStocks
- Luxist
- Money Videos
INVESTING
- Stock Quotes
- Stock Charts
- Stock Ticker
- Currencies
- Portfolio
- Stock Screener
- Broker Center
- Mutual Fund Center
- ETF Center
- Money
- 24/7 Wall St.
- Financial Glossary
PERSONAL FINANCE AT WALLETPOP
- Bargains
- Banking
- Budget
- Calculators
- College Finance
- Community
- Credit
- Deals
- Debt
- Economizer
- Food
- Home
- Fraud
- Insurance
- Interest Rates
- Loans
- Mortgages
- Real Estate
- Recalls
- Recession
- Retirement
- Saving
- Simplification
- Specials
- Taxes
SMALL BUSINESS
S&P upgrades Brigham Exploration after offering
By The Associated Press
, AP
-Standard & Poor's on Wednesday raised its corporate credit rating on Brigham Exploration Co. to B- from CCC+ after the oil and gas company announced an equity offering that should improve liquidity.
S&P credit analyst Patrick Y. Lee said the ratings agency assigned a stable outlook based on its expectation that Brigham will have sufficient liquidity in the next 12 months to fund its capital expenditures and debt payments as they come due.
S&P also raised the issue-level rating on Brigham's $160 million 9.625 percent senior notes due 2014 to CCC+ from CCC.
Austin, Texas-based Brigham on Monday announced the beginning of a public stock offering to raise $137 million to speed up drilling. The company is selling 14 million shares, and the money raised will help the company drill 24 new wells in North Dakota and one in Montana, all targeting the oil-carrying Bakken Shale formation.
Brigham shares gained $1.09, or 10.9 percent, to $11.10 in afternoon trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-21 15:11:56
COMMENTS ( 0 )