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Fitch Ratings sees more credit weakening for US companies

08/17/2009
Fitch Ratings Ltd., Chicago, expects further credit-quality weakening for US oil and gas companies and service firms as low commodity prices continue to batter industry financial performance.In a semiannual report, Fitch assumes average prices of $55/bbl this year and $57.50/bbl next year for West Texas Intermediate crude oil and $4.25/Mcf this year and $5/Mcf next year for gas at Henry Hub in its base case.In a "stress case," the price assumptions are $40/bbl this year and $42.50/bbl next year and $3.50/Mcf and $3.75/Mcf.For upstream companies, Fitch expects weaker cash flows and declining credit metrics following a period of increased leverage in the first half of 2009. But it...
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