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BULLETIN: Unocal Corp. Property Sale Will Not Affect Ratings Sep 03
Standard & Poors, Sep 2003
Abstract
NEW YORK (Standard & Poor's) Sept. 22, 2003--Standard & Poor's Ratings Services said today that Unocal Corp.'s (BBB+/Stable/A-2) ratings will be unaffected by the announced sale of certain Gulf of Mexico and onshore Louisiana properties to Forest Oil Corp. for about $295 million. Proceeds from the sale will be applied to debt reduction and will help fund investments in projects that likely will yield improved returns over the long term. Third-quarter special charges related to this sale, $30 million, and charges related to expected fourth-quarter assets sales, $18 million, will be largely offset by the recent $45 million gain recognized on the sale of shares of Tom Brown Inc. Standard & Poor's expects that Unocal will continue to reduce debt...
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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