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DBRS lowers Canadian Oil to BBB (low)
DBRS said it downgraded the issuer rating and senior unsecured long-term debt rating of Canadian Oil Sands Ltd. to BBB (low) from BBB and maintained the negative trends.
On Feb. 25, 2015, the agency changed the trends on Canadian Oil’s ratings to negative from stable. This action reflected DBRS’ concerns about the continued challenging crude oil market environment and its impact on the company’s credit risk profile.
The previously assigned BBB rating was predicated on maintenance of a conservative financial profile to offset the inherent weak business risk, which is underpinned by the company’s asset concentration risk and smaller scale, as well as Canadian Oil’s higher cost base compared with its peers.
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