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TEXT-S&P cuts Forest Oil rating to 'B+'

Overview -- We expect U.S. exploration and production (E&P) company Forest Oil Corp. to post weaker credit protection measures following softer-than-expected production guidance and recent management changes. -- We are lowering our long-term corporate credit rating on Forest to 'B+' from 'BB-'. We are also lowering our issue rating on Forest's senior secured debt to 'BB' and on its senior unsecured debt to 'B-'. -- The negative outlook reflects our expectation that leverage c ...

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Published By: Reuters (Company news) - Wednesday, 18 July, 2012

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