S&P lowers Harvest Operations

Standard & Poor’s said it lowered its long-term corporate credit rating on Harvest Operations Corp. to B from B+. The outlook is stable.

S&P also lowered its debt rating on the company’s senior unsecured debt to B+ from BB-. The recovery rating on the senior unsecured debt is unchanged at 2.

S&P also affirmed its A+ rating on Harvest’s guaranteed senior unsecured debt issue. The A+ debt issue rating reflects the full and irrevocable guarantee provided by Harvest's parent company, Korea National Oil Corp.

“Our decision to downgrade Harvest reflects our view of the company’s weakened financial risk profile, which we do not believe will strengthen during our 2015-2016 rating forecast period,” said S&P credit analyst Michelle Dathorne in a news release.

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