S&P: Baytex view positive

Standard & Poor's said it revised the outlook on Baytex Energy Trust to positive from stable and affirmed its B+ long-term corporate credit and B subordinated debt ratings.

Ratings reflect the trust's midsize reserve base, its concentration of production and regional focus, and the cyclical nature of the exploration and production industry, the agency said.

These factors are tempered by the relatively low-risk nature of the trust's reserve base, the good development opportunities associated with Baytex's existing portfolio of assets and moderate capital structure for the ratings category, S&P said.

At Dec. 31, the trust's total debt-to-EBITDA ratio was 1.4 times.

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