- Language: English
- 98 Pages
- Published: October 2011
- Region: Great Britain, United Kingdom
Recovery Report: Flint Energy Services Ltd.'s Recovery Rating Profile May 11
- Published: May 2011
- Standard & Poors
On May 17, 2011, Standard & Poor's Ratings Services assigned its 'BB-' issue-level rating, and '3' recovery rating, to Canada-based Flint Energy Services Ltd.'s (Flint; BB-/Stable/--) C$200 million senior unsecured notes. Proceeds from the notes issuance will be used mainly to repay debt outstanding under the company's secured term loan facilities (not rated). Our simulated default scenario contemplates a payment default in 2014 following a prolonged period of weak oil and gas prices and subsequent reduction in the demand for Flint's products and services. Flint is an integrated upstream and downstream construction and production services provider to the North American energy and resource industries, including the Alberta oil sands. The company's debt structure mainly comprises a secured revolving credit facility...
Companies mentioned in this report are: Flint Energy Services Ltd.
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: Full Analysis
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Flint Energy Services Ltd.