TORONTO (Standard & Poor's) Jan. 23, 2006--Standard & Poor's Ratings Services today said it affirmed its 'BBB+' long-term corporate credit and senior unsecured debt ratings on Calgary, Alta.-based Talisman Energy Inc., and removed the ratings from CreditWatch with negative implications where they were placed Oct. 21, 2005, following the company's announcement of its intention to acquire U.K.-based Paladin Resources PLC for C$2.521 billion in cash. The outlook is negative. The ratings on Calgary, Alta.-based Talisman Energy reflect its consolidated reserve profile that allows an internal drill-bit-focused growth strategy, supplemented with acquisitions, and an intermediate financial risk profile. The risks associated with Talisman's growth strategy are balanced by the company's low geological risk in most of its major projects, its increasing
