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S&P lowers MEG Energy
S&P said it lowered the long-term issuer credit rating on MEG Energy Corp. to B+ from BB-.
The agency also said it lowered the rating on MEG's senior secured debt to BB from BB+.
The recovery rating is unchanged at 1, indicating 95% expected default recovery.
With the rating moving into the B category, the agency said it now caps the recovery rating on the senior unsecured debt at 2.
S&P also affirmed the BB- rating on the company's senior unsecured debt.
The agency also said it removed all of the ratings from CreditWatch, where they were placed with positive implications in October 2018 when Husky Energy Inc. announced an unsolicited bid to acquire MEG.
The negative outlook reflects the risk that MEG Energy's forecast cash flow metrics could deteriorate to lower-than-estimated levels if West Texas Intermediate prices or the Western Canadian Select differential deteriorates, S&P said.
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