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North American Energy Partners Inc. Outlook To Negative From Stable On Year-End Write-Down Of Contract May 11
Standard & Poors, May 2011
We are revising our outlook on North American Energy Partners Inc. (NAEP) to negative from stable. We are also affirming our 'B+' long-term corporate credit rating on NAEP. The outlook revision follows the company's announcement that it would be booking a year-end write-down of its overburden removal service contract with major oil sands operator Canadian Natural Resources Ltd. (CNRL). The senior unsecured debt rating and recovery rating on the company's C$225 million debt issue are unchanged. The negative outlook reflects our view of the material deterioration in NAEP's financial performance caused by the 2011 fiscal year-end write-down of its service contract with CNRL. TORONTO (Standard & Poor's) May 25, 2011--Standard & Poor's Ratings Services today said that it revised its...
Companies mentioned in this report are: North American Energy Partners Inc
Action: Outlook: Negative
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
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North American Energy Partners Inc