TORONTO (Standard&Poor's) April 30, 2009--Standard&Poor's Ratings Services today said it revised its outlook on Calgary, Alta.-based MEG Energy Corp. to negative from stable. At the same time, Standard&Poor's affirmed its 'BB-' long-term corporate credit rating and its 'BB+' first-lien bank rating on the company. The recovery rating is unchanged at '1', and reflects our opinion of a very high (90%-100%) expectation of recovery in a default scenario. "The outlook revision reflects our concern for potential weaker cash flows and profitability than previously expected from MEG's 22,000 barrel-per day Phase II project, if prices remain at current levels," said Standard&Poor's credit analyst Jamie Koutsoukis. As a result, debt-to-cash flows metrics might not improve
