S&P lowers Lightstream

Standard & Poor’s said it lowered the long-term corporate credit rating on Lightstream Resources Ltd. to B from B+, along with the rating on its senior unsecured debt to CCC+ from B-.

The outlook is negative.

The 6 recovery rating on the unsecured notes is unchanged, indicating 0 to 10% expected default recovery.

The downgrade and negative outlook reflect the company’s weakening credit measures as it cuts back its 2015 capital budget in response to falling oil prices, S&P said.

To maintain its financial flexibility, Lightstream reduced its 2015 capital budget and cut back dividends, the agency said.

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