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2011: U.S. Midstream Energy Sector To Hold Steady Following Its Solid Performance In 2010 Dec 10
Standard & Poors, Dec 2010
Abstract
Standard & Poor's Ratings Services has seen improving credit trends in the U.S. midstream energy sector throughout 2010. Positive ratings actions on the sector outweighed negative ones by more than three times through October (see table 1). Entering 2010, several companies had negative outlooks, the economy was just recovering from a recession, the capital markets were fragile, commodity prices were weak, and many companies had strained liquidity positions. While the economy remained weak throughout 2010, two key developments aided the sector's credit profile: crude oil prices stayed high, with the West Texas Intermediate (WTI) benchmark climbing to about $86 per barrel in November from $78 in January, and virtually any midstream company was able to raise external capital, regardless of...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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