IE Staff
(September 15) – Alberta Energy
Company’s $150 million proposed
offering of preferreds has been
rated by Moody’s and CBRS.
Moody’s is assigning a “baa2”
rating to the securities and a
“baa1” rating to AEC itself.
CBRS rates them at B++.
Moody’s says the AEC rating
reflects the firm’s substantial
reserve base, longer than average
reserve life, and the ability to
add reserves by developing existing
areas of operation, and its stable
cash flow. Moody’s says the
rating also reflects its commodity
price risk, competition and AEC’s
history of growth by acquisition.
Moody’s outlook is stable,
while CBRS is maintaining its
negative outlook for the firm.
-IE Staff
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