Forest Oil's 'BB-' Corp. Credit Rating Placed On Watch Negative Sep 05
Standard & Poors, September 2005
Abstract
NEW YORK (Standard & Poor's) Sept. 12, 2005--Standard & Poor's Ratings Services today placed its 'BB-' corporate credit rating on Forest Oil Corp. on CreditWatch with negative implications. The rating action follows the company's announcement that it intends to spin off its offshore Gulf of Mexico assets to Mariner Energy Inc. Forest shareholders will receive about 0.8 shares of Mariner common stock for each Forest share owned as of the record date, representing an estimated 58% of the common shock of Mariner on a diluted basis. Forest will receive $200 million of cash (subject to adjustments), which the company intends to use to pay down debt. The Gulf of Mexico reserves represent about 24% of Forest's total proved reserve base....
Companies mentioned in this report are: Forest Oil Corp.
Action: On CreditWatch: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
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Forest Oil Corp.
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