TEXT-S&P cuts Clayton Williams Energy ratings

May 18 - Standard & Poor's Ratings Services said today that it lowered its
senior unsecured debt ratings on Midland, Texas-based exploration and production
company Clayton Williams Energy Inc. to 'B-' (one notch below the
corporate credit rating) from 'B'. We simultaneously revised the recovery rating
on these issues to '5', indicating the expectation of modest (10% to 30%)
recovery in the event of a payment default, from '4'.

The revised recovery rating reflects the recent increase in the c

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