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BULLETIN: Unocal Corp. to Acquire Limited Partner Interest in Spirit 76 Development L.P. Jun 03
Standard & Poors, June 2003
Abstract
NEW YORK (Standard & Poor's) June 30, 2003--Standard & Poor's Ratings Services said today that Unocal Corp.'s (BBB+/Stable/A-2) announced acquisition of the outstanding limited partner interest in Spirit Energy 76 Development L.P. for $252 million would not have an immediate effect on its ratings or outlook. The acquisition will prevent the reclassification of Unocal's minority interest in Spirit Energy to long-term debt during the third quarter as a result of FASB Interpretation No. 46. Standard & Poor's expected that Unocal would exploit the current pricing upcycle by applying free cash flow to debt-reduction measures. Additional actions to reduce debt and improve operating results, particularly in the lower 48 states, are expected in the near-to-medium term, and have been factored into...
Companies mentioned in this report are: Unocal Corp.
Action: S&P Event
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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