DBRS confirms Savanna Energy, notes

DBRS said it confirmed the issuer rating and senior unsecured notes ratings of Savanna Energy Services Corp. at B with stable trends.

The confirmation removes the ratings from under review with developing implications, where they were placed on March 28, following the announcement by Total Energy Services Inc. that it had acquired 51.6% of the common shares of Savanna.

DBRS said the confirmation reflects its opinion that, although the acquisition is moderately positive from a business and financial risk perspective, on the whole, it is not sufficient to have a positive impact on the company’s credit ratings at this point in time.

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