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Research Update: MEG Energy Corp. Ratings On CreditWatch Positive On Good Track Record In Developing Projects

Published Jun 24, 2010

1549 words — Published Jun 24, 2010

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About This Report

Abstract:

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. On June 24, 2010, Standard&Poor's Ratings Services placed its 'BB-' long-term corporate credit rating and 'BB+' senior secured debt 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 suggests a stronger credit profile than the rating indicates. The ratings on MEG

Brief Excerpt:

RESEARCH Research Update: MEG Energy Corp. Ratings On CreditWatch Positive On Good Track Record In Developing Projects Publication date: 24-Jun-2010 Primary Credit Analyst: Michelle Dathorne, Toronto (1) 416-507-2563; michelle_dathorne@standardandpoors....

Report Type:

Research Update

Ticker

557089Z@CN

Issuer

MEG Energy Corp.

GICS

Oil & Gas Exploration & Production (10102020)

Sector

Global Issuers

Country

Canada

Region

Canada

Format:

HTML

MEG Energy Corp. Rating Raised To 'BB' From 'BB-'; Senior Secured Debt Upgraded To 'BBB-' (Recovery Rating: '1') – 2010/10/19 – US$ 150.00

Research Update: MEG Energy Corp. Rating Raised To 'BB' From 'BB-' On Ability To Secure Financing For Development Projects – 2010/10/19 – US$ 225.00

MEG Energy Corp. – 2010/11/01 – US$ 500.00

Summary: MEG Energy Corp. – 2010/11/01 – US$ 225.00

MEG Energy Corp.?s Proposed US$500 Million Senior Unsecured Debt Rated 'BB' (Recovery Rating '3') – 2011/03/08 – US$ 150.00

MEG Energy Corp. Ratings On CreditWatch Positive On Good Development Track Record – 2010/06/24 – US$ 150.00

MEG Energy Corp.?s Proposed US$300 Million Term Loan And US$150 million Credit Facility Rated 'BB+' (Recovery Rtg: '1') – 2009/12/04 – US$ 150.00

MEG Energy Corp. Outlook To Stable From Negative On Expected Positive Operating Cash Flow in 2010; 'BB-' CCR Affirmed – 2009/12/03 – US$ 150.00

Research Update: MEG Energy Corp. Outlook Revised To Stable On Expected Positive Operating Cash Flow in 2010; 'BB-' Rating Affirmed – 2009/12/03 – US$ 225.00

MEG Energy Corp. – 2009/05/01 – US$ 500.00

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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MLA:	S&P Global Ratings’ Credit Research. "Research Update: MEG Energy Corp. Ratings On CreditWatch Positive On Good Track Record In Developing Projects" Jun 24, 2010. Alacra Store. May 25, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-MEG-Energy-Corp-Ratings-On-CreditWatch-Positive-On-Good-Track-Record-In-Developing-Projects-805996>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: MEG Energy Corp. Ratings On CreditWatch Positive On Good Track Record In Developing Projects Jun 24, 2010. New York, NY: Alacra Store. Retrieved May 25, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-MEG-Energy-Corp-Ratings-On-CreditWatch-Positive-On-Good-Track-Record-In-Developing-Projects-805996>

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