Fitch cuts Talisman

Fitch Ratings said it has downgraded Talisman Energy Inc.'s long-term issuer default rating and senior unsecured ratings to BBB- from BBB.

Fitch said it also downgraded the company's short-term issuer default rating and commercial paper program to F3 from F2.

The outlook has been revised to stable from negative.

The downgrade primarily reflects the company's forecasted continued negative free cash flow profile and heightened reliance on asset sales to alleviate pressure on leverage metrics, the agency noted.

About $4.7 billion of debt is affected by this rating action.

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