Credit Themes: Robust Oil Prices Help Maintain Rating Stability In The U.S. Oil And Gas Sector Feb 12
- Language: English
- Published: February 2012
- Region: United States
On Oct. 1, 2002, Standard & Poor's Ratings Services assigned its 'BBB+' senior unsecured rating to El Segundo, Calif.-based, Union Oil Co. of California's $400 million 5.05% senior notes due 2012, guaranteed by independent oil company Unocal Corp. (BBB+/Stable/A-2) At the same time, Standard & Poor's affirmed all ratings on Union Oil and its parent Unocal. The outlook on Unocal remains stable. Net proceeds from the offering will be used to repay outstanding commercial paper borrowings. As a result of the eventual repurchase of substantially all of its outstanding commercial paper during the fourth quarter, Unocal will have improved its liquidity by extending its debt maturities. In addition to operating cash flow, Unocal's sources of liquidity include full availability on...
Companies mentioned in this report are: Unocal Corp.
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