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S&P cuts EnCana to negative
Standard & Poor's said it revised the outlook on EnCana Corp. to negative from stable.
The agency also said it affirmed its BBB+ long-term corporate credit and senior unsecured debt ratings.
S&P also said it lowered its Canada scale commercial paper rating on the company to A-2 from A-1 (low).
The outlook revision follows news that EnCana ended its C$5.4 billion Cutbank Ridge joint venture negotiations with PetroChina International Investment Co., the agency said.
In the absence of the partnership and capital infusion, S&P said it is concerned about EnCana's capital expenditure plans amid persistent weak natural gas prices.
The ratings also incorporate the company's exposure to the North America natural gas market, weak credit measures and aggressive expansion plan, the agency said.
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