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Bulletin: Forest Oil Corp. Ratings Are Not Affected By Purchase Of Texas Properties Aug 08
Standard & Poors, Aug 2008
Abstract
NEW YORK (Standard & Poor's) Aug. 18, 2008--Standard & Poor's Ratings Services said today that its ratings on Forest Oil Corp. (BB-/Positive/--) were unaffected by the company's announcement that it is buying certain Texas properties for $892 million. Payment will consist of $708 million in cash plus 3.5 million shares of common stock. While financial leverage will temporarily increase, Forest is looking to sell two packages of non-core properties, collectively expected to be worth between $800 million and $1.1 billion. As such, we do not expect credit measures to change materially from current levels....
Companies mentioned in this report are: Forest Oil Corp.
Action: Bulletin
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.
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