We are lowering our ratings on MEG Energy Corp., including our long-term corporate credit rating to 'BB-' from 'BB'. The downgrade reflects our view of the persistent weakness of its weighted-average cash flow adequacy credit metrics during our forecast period. The stable outlook reflects Standard&Poor's view that MEG's overall credit profile will remain consistent with our expectations of the 'BB-' rating throughout our outlook period. On Jan. 28, 2015, Standard&Poor's Rating Services lowered its long-term corporate credit rating on Calgary, Alta.-based MEG Energy Corp. to 'BB-' from 'BB'. The outlook is stable. At the same time, Standard&Poor's lowered its issue-level rating on the company's senior secured debt to 'BB+' from 'BBB-', and its rating
