On Oct. 15, 2004, Standard & Poor's Ratings Services affirmed its 'BBB+' corporate credit and senior unsecured debt ratings on Talisman Energy Inc. At the same time, Standard & Poor's withdrew its 'BBB-' preferred stock rating, following the company's repurchase of two outstanding issues in 2004. The outlook is stable. The ratings on Talisman reflect the company's competitive position, drill-bit-focused growth strategy, and conservative financial risk profile. Risks associated with Talisman's growth strategy is balanced by the company's low geological risk in most of its major projects, its increasing diversification, and its long history of adhering to stated financial policies. In the near term, Talisman's 2003 product mix of 54% liquids and 46% natural gas is expected to remain at
