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Bulletin: Ratings On Forest Oil Are Unaffected By Pending Assets Transfer Nov 06
Standard & Poors, Nov 2006
Abstract
NEW YORK (Standard & Poor's) Nov. 2, 2006--Standard & Poor's Ratings Services said today that the ratings on Forest Oil Corp. (BB-/Negative/B-2) will not be immediately affected by the company's announcement that it will be transferring most of its Alaskan oil and gas properties to a new subsidiary, Forest Alaska Operating LLC. The Alaskan assets represented 9% to 10% of Forest's total proved reserves as of Dec. 31, 2005. Per a June 30, 2006 reserve report, the properties contain 32 million barrels of oil equivalent of proved reserves and are currently producing 6,000 barrels per day. The company plans to raise $375 million of nonrecourse bank debt at the Alaskan subsidiary to fund a $350 million distribution to Forest. The...
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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