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Recovery Report: PetroBakken Energy Ltd.'s Recovery Rating Profile Jan 12 Product Image

Recovery Report: PetroBakken Energy Ltd.'s Recovery Rating Profile Jan 12

  • ID: 2048326
  • January 2012
  • Standard & Poors

Abstract
On Jan. 18, 2012, Standard & Poor's Ratings Services assigned its 'CCC+' issue-level and '6' recovery rating to PetroBakken Energy Ltd.?s (B/Stable/--) planned senior unsecured notes. The '6' recovery rating corresponds with negligible (0%-10%) recovery in our default scenario. Standard & Poor's also assigned its 'B' long-term corporate credit rating and stable outlook to PetroBakken. Bond proceeds will primarily repay debt, including a portion of the company's subordinated convertible bonds. Our scenario contemplates a default in 2014, following a prolonged period of low oil and gas prices in North America that primarily leads to a sharp decline in PetroBakken's cash flow and ability to fund its fixed charges. PetroBakken is a light oil exploration and production (E&P) company with properties...

Companies mentioned in this report are: PetroBakken Energy Ltd

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: Full Analysis

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