We are placing our ratings on MEG Energy Corp. on CreditWatch with positive implications. We believe the company's good track record regarding project execution and underleveraged balance sheet suggest a stronger credit profile than the rating indicates. The cost profile, if sustained, would generate significant free cash flow. We expect to resolve the CreditWatch placement after MEG completes its anticipated upcoming IPO. TORONTO (Standard&Poor's) June 24, 2010--Standard&Poor's Ratings Services today said it placed its 'BB-' long-term corporate credit and 'BB+' senior secured debt ratings on MEG Energy Corp. on CreditWatch with positive implications. "In our opinion, MEG's project development track record, operating performance to date and the company's consistent ability to maintain a relatively moderate financial
