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S&P: Forest Oil view negative
Standard & Poor's said it revised its outlook on Forest Oil Corp. to negative from stable.
The agency affirmed the B+ corporate credit rating. The issue rating on Forest's senior secured debt is BB and the recovery rating on this debt is 1. The issue rating on Forest's senior unsecured notes is B- and the recovery rating on this debt is 6.
"We are revising the outlook on Forest Oil Corp. to negative from stable to reflect our assessment that the company's liquidity and leverage measures could weaken meaningfully if the company is unable to increase its crude oil production," S&P credit analyst Marc Bromberg said in a news release.
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