Moody's: Talisman notes at Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured rating to Talisman Energy Inc.'s proposed issuance of $500 million of new notes.

The proceeds will be used to repay maturing debt. Talisman's other ratings are unchanged.

The outlook is stable.

The rating reflects its substantial reserves base, a sizeable production platform, favorable leverage, geographic diversity and global scope of operations, Moody's said.

The rating also considers Talisman's high finding and development costs, weak reserves replacement that has lagged its Baa2 peers and large asset retirement obligations tied to its North Sea operations, the agency said.

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