Research Update: Forest Oil Corp.'s $350 Mil. Senior Unsecured Notes Rated 'BB-'; Issue Ratings Raised Feb 09

  • ID: 1871900
  • February 2009
  • Standard & Poors
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  • Sabine Oil & Gas Corp.
  • MORE

On Feb. 11, 2009, Standard & Poor's Ratings Services assigned its 'BB-' issue rating and '4' recovery rating to Forest Oil Corp.'s proposed $350 million senior unsecured notes due 2014. In addition, Standard & Poor's raised it rating on Forest's senior unsecured debt issues to 'BB-' (same as the corporate credit rating) from 'B+' and revised its recovery rating to '4' from '5' on all these issues. At the same time, Standard & Poor's affirmed its 'BB-' corporate credit rating on Forest. The outlook is stable. We expect proceeds of the new issuance to pay down revolver debt outstanding. As of Sept. 30, 2008, Denver, Colorado-based Forest had $2.7 billion in balance sheet debt. The 'BB-' corporate credit rating on...

Companies mentioned in this report are:
- Sabine Oil & Gas Corp.

Action: New Rating

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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- Sabine Oil & Gas Corp.

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