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S&P cuts Athabasca Oil
S&P said it lowered its rating for Athabasca Oil Corp. to CCC from CCC+ and the rating on its $450 million second-lien secured debt to B- from B. The 1 recovery rating is unchanged.
“In the current weak hydrocarbon price environment, we believe AOC’s small production base, discounted price realizations, and relatively high unit operating cost profile compromise the company’s long-term viability,” said S&P in a press release.
The outlook is negative.
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