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S&P rates Harvest Operations BB-
Standard & Poor's said it assigned a BB- long-term corporate credit rating to Harvest Operations Corp. and withdrew its BB- long-term corporate credit rating on Harvest Energy Trust following the elimination of the trust as its parent. Korea National Oil Corp. bought the trust in 2009. Its BB- senior secured debt and 3 recovery ratings are unchanged.
The outlook is stable.
The agency said it has been expecting this restructuring since the Korea National acquisition closed at the end of 2009, S&P said.
As the company's operating assets and its business risk and financial risk profiles are unchanged, the agency said it views the reorganization as a credit neutral event.
The ratings reflect expectations of negligible free cash flow generation during the 12-month forecast period, S&P said.
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