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BULLETIN: Unocal Corp. Ratings Unaffected by Subsidiary Debt Purchase Oct 03
Standard & Poors, Oct 2003
Abstract
NEW YORK (Standard & Poor's) Oct. 7, 2003--Standard & Poor's Ratings Services said today that the ratings on Unocal Corp. (BBB+/Stable/A-2) are unaffected by the announced purchase of up to $300 million of subsidiary Union Oil Co. debt securities. The tender offer will be financed by cash on hand and by proceeds received from the September 2003 sale of properties to Forest Oil Corp. Standard & Poor's expects that Unocal will continue to reduce debt through internal cash flow and near-term asset sales, as it shifts its portfolio to longer-lived properties and fortifies its financial profile in advance of funding several large, long lead-time, capital-intensive projects....
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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