Standard & Poor’s Ratings Services lowered El Paso Corp.’s credit ratings to ‘B+’ from ‘BB’ on Friday, ending a long and difficult week, that included a 42% collapse in El Paso’s stock price to $4.92/share on Friday from Monday’s open. Investors dumped the company’s stock after it announced that it would cut its dividend 82% to 16 cents annually, sell off another $2.9 billion in assets and exit the rapidly growing liquefied natural gas (LNG) business.
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Dynegy’s Forecast Lifts Investor Confidence — S&P Issues Favorable Opinion
Standard & Poor’s Ratings Services upgraded its opinion on Dynegy Inc. last week, and investors responded, after the company offered an upbeat, investor-inspiring earnings forecast on Tuesday that beat Wall Street expectations.
January 13, 2003
Issuing Equity May Offer Positives for Debt-Laden Energy Merchants
Debt-laden and cash-poor energy merchants with few prized assets left to sell should consider selling stock — if they have access to the capital markets. The equity sales would only have a “neutral to mildly negative” effect for many companies, according to a new study.
January 13, 2003
Dynegy’s Forecast Lifts Investor Confidence — S&P Issues Favorable Opinion
Standard & Poor’s Ratings Services upgraded its opinion on Dynegy Inc. Tuesday afternoon, after the company offered an upbeat, investor-inspiring earnings forecast that beat Wall Street expectations.
January 8, 2003
Issuing Equity May Offer Positives for Debt-Laden Energy Merchants
Debt-laden and cash-poor energy merchants with few prized assets left to sell should consider selling stock — if they have access to the capital markets. The equity sales would only have a “neutral to mildly negative” effect for many companies, according to a new study.
January 7, 2003
Southern Union’s Buy of CMS Assets Elicits Credit Warning
Standard & Poor’s (S&P) Rating Services placed the credit rating of Southern Union Co. on CreditWatch with “negative implications” after the distribution company announced in late December that it and AIG HighStar Capital LP had reached a definitive deal to buy CMS Energy’s Panhandle natural gas pipelines and liquefied natural gas (LNG) facilities for an estimated $1.83 billion.
January 6, 2003
Southern Union’s Buy of CMS Assets Elicits S&P Warning
Standard & Poor’s (S&P) Rating Services placed the credit rating of Southern Union Co. on CreditWatch with “negative implications” Monday after the distribution company announced that it and AIG HighStar Capital LP had reached a definitive deal to buy CMS Energy’s Panhandle natural gas pipelines and liquefied natural gas (LNG) facilities for an estimated $1.83 billion.
December 24, 2002
Nearly 400 Get Layoff Notices at UBS Warburg’s Houston Office
The panache of a “AA+” rating of the corporate parent by Standard & Poor’s Ratings Service apparently has failed to win over doubters, after UBS Warburg Energy switched off its online energy trading system (formerly EnronOnline) and announced it will terminate nearly all of its 380 Houston-based employees. Those not fired will be offered jobs in a UBS office in Stamford, CT, the company said Wednesday.
December 16, 2002
Nearly 400 Get Layoff Notices at UBS Warburg’s Houston Office
The panache of a “AA+” rating of the corporate parent by Standard & Poor’s Ratings Service apparently has failed to win over doubters, after UBS Warburg Energy switched off its online energy trading system (formerly EnronOnline) and announced it will terminate nearly all of its 380 Houston-based employees. Those not fired will be offered jobs in a UBS office in Stamford, CT, the company said Wednesday.
December 12, 2002
S&P, Fitch Comment on Chesapeake’s Oneok Asset Acquisition
Coming on the heels of Chesapeake Energy Corp.’s Oneok asset acquisition announcement Wednesday, Standard & Poor’s Ratings Services (S&P) and Fitch Ratings commented on what the transaction’s impact might be on the Oklahoma City-based E&P company.
December 6, 2002
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