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DBRS confirms Western Energy Services
DBRS said it confirmed the issuer rating of Western Energy Services Corp. at B (low) with a stable trend.
“The rating confirmation is underpinned by Western’s (1) modern and capable drilling fleet, (2) variable operating and flexible capital costs and (3) adequate liquidity position with full availability under its credit facilities of C$80 million that mature in December 2020,” DBRS said in a news release.
“The rating remains constrained by the company’s weak financial metrics and limited geographic diversification with the majority of its business concentrated in Western Canada.”
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