Talisman Energy Inc. is embarking on new strategic initiatives to bolster its operations and balance sheet; however, we forecast that declining cash flows will continue to pressure the company's credit measures. As a result, we are revising our outlook on Talisman to negative from stable. We are also lowering our commercial paper rating on Talisman to 'A-3' from 'A-2', and affirming our 'BBB' long-term corporate credit and senior unsecured debt ratings on the company. The outlook revision reflects our view that there is significant execution risk in the successful implementation of the new strategies, which could lead to continued declining production and weaker credit measures in the next 12-18 months should the company not succeed. On Aug. 6, 2013, Standard
