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Forest Oil's 'BB-' Corp. Credit Rating Placed On Watch Negative Sep 05
Standard & Poors, September 2005
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
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Research type: News
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Forest Oil Corp.