Research Update: North American Energy Partners Inc. Ratings Downgraded To 'B-' On Expected Low Cash Flow Metrics; Outlook Developing Mar 12
Standard & Poors, March 2012
Abstract
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: Downgraded
Action: Outlook: Developing
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
North American Energy Partners Inc.
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