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S&P puts Teekay on watch
S&P said it placed its B+ long-term issuer credit and issue-level ratings on Teekay Corp. on CreditWatch with negative implications.
On Monday, Teekay reported it is selling its subsidiary, Teekay LNG Partners LP, in a $6.2 billion deal with Stonepeak. The agency said it estimates proceeds to Teekay of about $640 million.
The agency’s position is that the sale of the LNG segment will intensify volatility in earnings and pressure Teekay Corp.’s rating.
S&P said it plans to resolve the CreditWatch placement at or near the deal’s closing, which could occur by the end of 2021.
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