Connacher Sells its 50% Working Interest in the Hangingstone/Halfway Creek Property in Alberta: Connacher is Focusing on Asset Rationalization to Reduce its Debt
- Published: October 2011
TORONTO (Standard & Poor's) May 18, 2011-Standard & Poor's Rating Services today said it assigned its 'BB-' issue rating and '1' recovery rating to Calgary, Alta.-based Connacher Oil and Gas Ltd.'s proposed US$900 million senior secured second-lien debt. A '1' recovery rating indicates our expectations of very high (90%-100%) recovery in a default scenario. This new debt issue will effectively refinance the company's existing senior secured first- and second-lien debt. As a result, we expect to withdraw our ratings on Connacher's existing debt following completion of this new issue. "We expect Connacher should be able to refinance its debt at more favorable terms than those associated with its current senior secured first- and second-lien debt. Moreover, this bond issue will...
Companies mentioned in this report are: Connacher Oil and Gas Ltd
Action: New Rating
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.
SHOW LESS READ MORE >
Connacher Oil and Gas Ltd