Moody's: North American Energy view negative

Moody's Investors Service said it confirmed North American Energy Partners, Inc.'s B3 corporate family rating and Caa1 senior unsecured notes rating.

The outlook was changed to negative.

The speculative grade liquidity rating was changed to SGL-3 from SGL-4.

"The confirmation reflects NAEP's improved liquidity and new contract structure with Canadian Natural Resources, which should result in improved profitability in its oil sands business," Moody's senior vice president Terry Marshall said in a news release.

"However, NAEP needs to show that it can consistently maintain contracts that enable the realization of margins sufficient to fund its maintenance and growth capital, and interest expense," Marshall added in the release.

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