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BULLETIN: Unocal Corp.'s Ratings Unaffected by Stock Repurchases Jul 04
Standard & Poors, July 2004
Abstract
NEW YORK (Standard & Poor's) July 29, 2004--Standard & Poor's Ratings Services said today that oil and gas exploration and production company Unocal Corp.'s (BBB+/Stable/A-2) ratings would be unaffected by the announced spending of up to $511 million to repurchase trust-preferred and common stock, as well as the company's cash contribution to its pension plan. Unocal plans to purchase up to $261 million of its trust-preferred securities and up to $150 million of common stock. In addition, Unocal plans to make a cash contribution of $100 million to its U.S. pension plan. Standard & Poor's views the trust-preferred securities and unfunded pension liabilities as debt-like in nature, and the repayment or funding of such items would be beneficial for the...
Companies mentioned in this report are: Unocal 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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