TORONTO (Standard&Poor's) July 25, 2008--Standard&Poor's Ratings Services today said it raised its long-term corporate credit rating on Calgary, Alta.-based MEG Energy Corp. (MEG) to 'BB-' from 'B+', and first-lien bank loan ratings to 'BB+' from 'BB', following a review of the company's current and prospective business risk and financial risk profiles. Similar to the approach taken in our initial rating on the company, our assessment of MEG's overall credit profile is largely prospective, given the limited operating track record and no current operating cash flow generation. Nevertheless, continued support from equityholders and access to external debt funding have strengthened the company's financial profile. It is the stronger financial profile that supports the 'BB-' credit rating. The
