ATP Oil & Gas Corp. Outlook Revised To Developing From Negative; Rating Affirmed May 11
Standard & Poors, May 2011
Abstract
As a result of new wells, U.S. exploration and production (E&P) company ATP Oil & Gas Corp. (ATP) has the potential for increased production, cash flow, and improved liquidity. We are affirming the 'CCC+' corporate credit rating. We are lowering our issue-level rating on ATP's $1.5 billion second lien notes to 'CCC-' and revising the recovery rating on those notes to '6'. We have revised our outlook to developing from negative to reflect that although ATP will continue to outspend cash flow, possible production increases from new wells could augment cash flow and liquidity. NEW YORK (Standard & Poor's) May 13, 2011--Standard & Poor's Ratings Services said today it revised its outlook on ATP to developing from negative. At the...
Companies mentioned in this report are:
- ATP Oil & Gas Corp.
Action: Affirmed
Action: Outlook: Developing
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
- ATP Oil & Gas Corp.
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