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Gibson Energy ULC Proposed US$200M Senior Unsecured Notes Assigned 'B-' Rating; CCR Lowered To 'B+' From 'BB-' Jan 10
Standard & Poors, January 2010
We are assigning our 'B-' issue-level rating to Calgary, Alta.-based Gibson Energy ULC and GEP Midstream Finance Corp.'s proposed US$200 million senior unsecured notes due 2018, with a recovery rating of '6'. We are lowering our long-term corporate credit rating on Gibson and GEB and our issue-level rating on their first-lien senior secured notes to 'B+' from 'BB-'. The downgrade reflects our view of more aggressive financial policies than we initially expected. In our view, the ratings on Gibson reflect the company's weak financial ratios and constrained financial flexibility, the businesses' capital-intensive nature, and exposure to somewhat volatile drilling activity and energy markets in Alberta. TORONTO (Standard & Poor's) Jan. 12, 2010--Standard & Poor's Ratings Services assigned its 'B-' issue-level...
Companies mentioned in this report are: Gibson Energy ULC
Action: New Rating
Action: Outlook: Stable
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Research type: News
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Gibson Energy ULC