...- During 2022, MEG Energy Corp. reduced its long-term debt outstanding by US$1.0 billion and intends to continue reducing debt to its publicly stated US$600 million long-term net debt target. S&P Global Ratings estimates MEG should be able to achieve this targeted long-term debt during its current 2023-2024 forecast period. - Strong projected revenue and cash flow generation and MEG's reduced leverage have strengthened the company's fully adjusted funds from operations (FFO)-to-debt ratios during the 2023-2024 forecast period, as well as under our midcycle price assumptions. MEG's stronger credit metrics should support a significant financial risk profile, particularly at our midcycle hydrocarbon price assumptions. - As a result, S&P Global Ratings raised its long-term issuer credit rating on MEG to '##-' from 'B+', based on the projected resilience of the company's improved financial risk profile. - We also affirmed our '##-' issue-level rating on MEG's senior unsecured debt, and revised...
