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S&P lowers Osum to CCC+, loan to B
S&P said it lowered its long-term corporate credit rating on Osum Production Corp. and parent company Osum Oil Sands Corp. to CCC+ from B-.
The outlook is stable.
At the same time, the agency lowered its issue-level rating on the company's senior secured term loan to B from B+. The 1 recovery rating on the debt is unchanged, indicating an expectation of very high (90%-100%) recovery in a default scenario.
"The downgrade reflects the dramatic deterioration of cash flow metrics and credit metrics driven by weak hydrocarbon prices, lower daily production and high fixed costs," S&P credit analyst Wendell Sacramoni said in a news release.
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