Comstock Resources Inc. #CCC# Issue-Level Rating On 2019 And 2020 Senior Unsecured Notes Affirmed

Stocks and Financial Services Press Releases Tuesday November 10, 2015 09:18
NEW YORK--10 Nov--Standard & Poor's

NEW YORK (Standard & Poor's) Nov. 9, 2015--Standard & Poor's Ratings Servicessaid today that it affirmed its 'CCC' issue-level ratings on U.S.-basedexploration & production company Comstock Resources Inc.'s 7.75% seniorunsecured notes due 2019 and 9.5% senior unsecured notes due 2020 (recoveryratings: '6'). Comstock recently announced that during the first nine monthsof the year, it repurchased about $101 million in combined principal amount ofthe 2019 and 2020 senior unsecured notes for about $38 million. Comstock madethe secondary market repurchases on the open market.

The 'B-' corporate credit rating on Comstock and stable outlook are unchanged.The 'B-' corporate credit rating reflects our assessment of the company'sbusiness risk profile as "vulnerable" and its financial risk profile as"highly leveraged," based on our criteria. There is also no change to our 'B'

issue-level rating or '2' recovery rating on the company's senior secureddebt.
For more information on Comstock Resources Inc., see the summary analysispublished on Oct. 16, 2015.

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