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BULLETIN: Unocal Corp. Investment Sale Will Not Affect Credit Quality Sep 03
Standard & Poors, Sep 2003
Abstract
NEW YORK (Standard & Poor's) Sept. 16, 2003--Standard & Poor's Ratings Services said today that Unocal Corp.'s (BBB+/Stable/A-2) ratings would be unaffected by the announced sale of its investment in Tom Brown Inc. Estimated pretax proceeds of $120 million from the sale of 4.9 million common shares of Tom Brown are expected to be used to reduce debt and other financings. The remaining 875,000 Tom Brown shares owned by Unocal should be sold after a 90-day waiting period as market conditions permit. Debt reduction through internal cash flow and asset sales is expected in the near to medium term and has been factored into the current rating, as Unocal seeks to reduce debt and improve operating results, particularly in the...
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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