DBRS: Suncor view to negative

DBRS said it removed all of the ratings on Suncor Energy Inc. from under review with developing implications and confirmed the issuer rating and the debentures and medium-term notes rating at A (low).

The company’s commercial-paper rating also was confirmed at R-1 (low).

The rating on the senior notes of PC Financial Partnership also was removed from under review with developing implications and confirmed at A (low).

The trend on both companies was changed to negative from stable.

PC Financial Partnership was amalgamated with Suncor in late 2014, however PC Financial’s senior notes remain outstanding, DBRS said.

The negative trend is a result of the steep decline in oil prices, which led the company to a free cash flow deficit of $1.5 billion in 2015, DBRS said.

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