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Aurora Oil & Gas Ltd. Rated 'B'; Senior Unsecured Notes Rated 'CCC+'; Outlook Stable Jan 12
Standard & Poors, Jan 2012
Abstract
SINGAPORE (Standard & Poor's) Jan. 25, 2012--Standard & Poor's Ratings Services assigned its 'B' corporate credit rating to Australia-based Aurora Oil & Gas Ltd. (Aurora). The outlook is stable. At the same time, we assigned our 'CCC+' issue rating to the proposed US$200 million senior unsecured notes due 2017 to be issued by Aurora USA Oil & Gas Inc. and guaranteed by Aurora Oil & Gas Ltd. and its subsidiaries. The recovery rating is '6', indicating our expectation of negligible (0% to 10%) recovery in the event of a payment default. We expect the debt proceeds to be used to finance Aurora's drilling program in 2012 in the Eagle Ford Shale basin located in Texas. 'The ratings on Aurora reflect...
Companies mentioned in this report are: Aurora Oil & Gas Ltd.
Action: New Rating
Action: Outlook: Stable
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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