S&P cuts Lone Pine Resources

Standard & Poor's said it lowered its long-term corporate credit rating on Lone Pine Resources to B- from B.

At the same time, S&P lowered its issue-level rating on Lone Pine's senior unsecured notes to CCC from CCC+. The 6 recovery rating on the notes is unchanged.

The agency also removed the ratings from CreditWatch, where they were placed with negative implications Dec. 7.

The outlook is negative.

"The downgrade reflects our expectation that the company's business risk profile would not be able to support a 'B' rating even if it is able to conclude a transformative transaction by asset sales or securing a joint venture partner to continue developing its upstream resources," S&P credit analyst Aniki Saha-Yannopoulos said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.