Precision Drilling Corp. Mar 12

  • ID: 2082775
  • March 2012
  • Standard & Poors
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High portion of active rig fleet under long-term contracts Broadly diversified North American land drilling rig fleet Large proportion of rig fleet capable of deep, complex drilling Participation in the cyclical and highly volatile oilfield services sector Elevated levels of near-term capital spending to reposition the rig fleet Limited revenue visibility beyond the near term associated with short-term contracts The ratings on Calgary, Alta.-based Precision Drilling Corp. reflect Standard & Poor's Ratings Services' opinion of the company's participation in the cyclical and highly volatile oilfield services sector, the diminished cash flow generation profile associated with the persistently weak outlook for conventional natural gas exploration and production, and Precision's capital structure. We believe that offsetting these factors, which hamper the company's...

Companies mentioned in this report are: Precision Drilling Corp.
Action: Review

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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Precision Drilling Corp.

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