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Connacher Oil and Gas Ltd.'s Proposed US$900 Million Senior Secured Second-Lien Debt Rated 'BB-' (Recovery Rating: '1')

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Abstract
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.

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Connacher Oil and Gas Ltd

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Connacher Oil and Gas Ltd.'s Proposed US$900 Million Senior Secured Second-Lien Debt Rated 'BB-' (Recovery Rating: '1')

Fax order form

Order information

Product name

Web Address

Office Code

Report Formats

Contact information

Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Payment information

Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
(646) 607-1907 or (646) 964-6609 (from USA)
+353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
(646) 607-1907 or (646) 964-6609 (from USA)
+353-1-481-1716 or +353-1-653-1571 (from Rest of World)