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Industry Report Card: What?s A Former Income Trust To Do? Canadian Oil And Gas Companies Look At Funding In Canada?s Emerging Speculative-Grade Debt Market Apr 11 Product Image

Industry Report Card: What?s A Former Income Trust To Do? Canadian Oil And Gas Companies Look At Funding In Canada?s Emerging Speculative-Grade Debt Market Apr 11

  • ID: 1824213
  • April 2011
  • Region: Canada
  • Standard & Poors

FEATURED COMPANIES

  • Baytex Energy Corp.
  • Encana Corp.
  • Imperial Oil Ltd.
  • OPTI Canada Inc.
  • Precision Drilling Corp.
  • Tervita Corp.
  • MORE

Abstract
Speculative-grade Canadian oil and gas companies completed a significant number of debt refinancings in 2010 and the first quarter of 2011. And while this isn't unusual for the group, something has changed. In the past, this debt had been placed in U.S. markets because Canada had no meaningful speculative-grade market. But now that the Canadian federal government has repealed the tax-advantaged income trust structure, which in turn triggered a large number of income trusts to convert back to corporate entities, there's a renewed interest in public debt as a source of financing. These former income trusts no longer have the same access to incremental equity financing from their investor base, so Canada's fixed income market is expanding to bridge the...

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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- Imperial Oil Ltd.
- Encana Corp.
- Talisman Energy Inc.
- Nexen Energy ULC
- Husky Energy Inc.
- Suncor Energy Inc.
- Canadian Natural Resources Ltd.
- Paramount Resources Ltd.
- Baytex Energy Corp.
- Precision Drilling Corp.
- Canadian Oil Sands Ltd.
- North American Energy Partners Inc.
- Harvest Operations Corp.
- MEG Energy Corp.
- OPTI Canada Inc.
- Niska Gas Storage Partners LLC
- Connacher Oil and Gas Ltd.
- Calfrac Well Services Ltd.
- Tervita Corp.
- Cenovus Energy Inc.
- Trident Resources Corp.
- Trinidad Drilling Ltd.
- Vermilion Energy Inc.
- Perpetual Energy Inc.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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