Recovery Report: Aurora Oil & Gas' Recovery Rating Profile Feb 12
Standard & Poors, February 2012
Abstract
We assigned an issue rating on Australia-based exploration and production (E&P) company Aurora Oil & Gas Ltd.'s (Aurora) US$200 million senior unsecured notes due 2017. The notes are to be issued by Aurora USA Oil & Gas, Inc. and guaranteed by Aurora and its subsidiaries. Aurora USA Oil & Gas Inc., a wholly owned subsidiary of Aurora in the U.S., is also a borrower on a US$300 million senior secured revolving credit facility (RCF)(not rated). Our simulated default scenario assumes a sustained period of low commodity prices and incorporates stressed price assumptions of US$45 per barrel of West Texas Intermediate crude oil and US$4.00 per million British thermal unit (BTU) of Henry Hub natural gas to value the company's October...
Companies mentioned in this report are: Aurora Oil & Gas 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
Aurora Oil & Gas Ltd.
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