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Akamai Technologies, Inc. Message Board

halfsure1 41 posts  |  Last Activity: Aug 28, 2015 8:53 AM Member since: Feb 9, 2002
  • Reply to

    maybe some PVA news

    by halfsure1 May 22, 2015 8:13 AM
    halfsure1 halfsure1 May 29, 2015 1:05 PM Flag

    DJ S&P: Penn Virginia Outlook Is Stable

    May 28, 2015 16:19:00 (ET)



    The following is a press release from Standard & Poor's:

    -- Standard & Poor's Ratings Services completed a review of Penn Virginia
    Corp. and expects the company's financial and profitability measures to
    decline.
    -- We are lowering the corporate credit rating on Penn Virginia Corp. to
    'B' from 'B+'.
    -- We are lowering the senior unsecured ratings to 'CCC+' from 'B-'. The
    recovery rating remains '6'.
    -- The outlook is stable.

    NEW YORK (Standard & Poor's) May 28, 2015--Standard & Poor's Ratings Services
    today lowered the corporate credit rating on Radnor, Pa.-based exploration and
    production (E&P) company Penn Virginia Corp. to 'B' from 'B+'. The outlook is
    stable.

    At the same time, we lowered our ratings on the company's senior unsecured
    debt to 'CCC+' from 'B'. The recovery rating on the debt remains '6', which
    indicates our expectation for negligible (0% to 10%) recovery in the event of
    a default.

    "The downgrade reflects the impact of weakening commodity price assumptions,
    which resulted in a deterioration of Penn Virginia's expected financial and
    profitability measures," said Standard & Poor's credit analyst David Lagasse.

    Under Standard & Poor's assumptions, we now expect debt to EBITDA to exceed 5x
    on average, consistent with a "highly leveraged" financial risk profile, as
    defined by our criteria. Additionally, profitability measures are decreasing
    and are approaching a "below average" assessment. Nevertheless, profitability
    measures reflect historical drilling costs, which were based on very tight rig
    and completion equipment market. We base our assessment of Penn Virginia's
    "weak" business risk on its participation in the cyclical and
    capital-intensive E&P industry and the relatively modest size of the company's
    reserves. Based on resulting financial measures, we assess Penn Virginia's
    financial risk prof

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