We are lowering our long-term corporate credit and senior unsecured debt ratings on North American Energy Partners Inc. to 'B-' from 'B+'. We are revising our recovery rating on the company's debt to '4' from '3'. The downgrade reflects our belief that NAEP will not be able to improve its cash flow protection metrics to our previously established levels. The developing outlook reflects our opinion that there is considerable uncertainty associated with the company's near-term credit profile, such that there is an almost equal likelihood of us raising, lowering, or affirming the ratings. On March 5, 2012, Standard & Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on Calgary, Alta.-based North American Energy Partners Ltd....
Companies mentioned in this report are: North American Energy Partners Inc.
Action: Outlook: Developing
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Product Type: Research Update
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