- Published: May 2012
- Region: New York, United States
Research Update: Forest Oil 'BB-' Rating Affirmed; $500M Notes Rated 'B+'; Outlook Revised To Stable May 07
- Published: May 2007
- Standard & Poors
On May 31, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on oil and gas exploration and production (E&P) company Forest Oil Corp. and revised the outlook on the company to stable from negative. At the same time, Standard & Poor's assigned its 'B+' rating to Forest's proposed $500 million senior note offering. The stable outlook reflects the deleveraging resulting from the announced sale of Forest's Alaska subsidiary, Forest Alaska Operating LLC, to Pacific Energy Resources Ltd. for approximately $464 million. Forest Oil intends to use cash proceeds of $380 million to repay debt at Forest Alaska, which had been consolidated in Standard & Poor's financial measures. Pro forma for the debt repayment and pending acquisition...
Companies mentioned in this report are: Forest Oil Corp.
Action: Outlook: Stable
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.
SHOW LESS READ MORE >
Forest Oil Corp.