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North American Energy Partners Inc May 11
Standard & Poors, May 2011
Limited business diversification due to concentrated customer base Thin and volatile profit margins in the largest business segment, heavy construction and mining Low-complexity service business Long operating track record in the Athabasca oil sands region Entrenched market position for overburden removal Good visibility to continued business opportunities in the oil sands sector The ratings on North American Energy Partners Inc. (NAEP) reflect Standard & Poor's Ratings Services' view of the company's unbalanced business mix, concentrated customer base in its largest business unit, and operating margin volatility caused by unanticipated project shutdowns among its largest customer base. These factors, which we believe weaken the company's overall credit profile, are somewhat offset by what we view as NAEP's strong competitive position as...
Companies mentioned in this report are: North American Energy Partners Inc
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
North American Energy Partners Inc