Summary: Teekay Corp. Nov 11
Standard & Poors, November 2011
Abstract
The ratings on Teekay Corp. are based on what Standard & Poor's Ratings Services views as the company's market-leading and defendable position in the shuttle tanker business, increasing revenue contribution from more stable liquefied gas and offshore segments, and improving product offerings. These strengths are somewhat mitigated, we believe, by high leverage owing to prolonged weakness in tanker rates and the economic downturn, the competitive nature of the shipping industry, and the company's aggressive financial policy resulting from its history of debt-financed growth. Teekay has grown from a midsize oil tanker company to one of the largest multinational transporters and logistic service providers of a comprehensive range of oil and gas products, including crude oil, liquefied natural gas (LNG), liquefied...
Companies mentioned in this report are: Teekay Corp.
Action: Review
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Teekay Corp.
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