S&P drops Trident notes, view to stable

Standard & Poor's said it revised its outlook on Trident Resources Corp. to stable from negative.

At the same time, the agency affirmed its CCC+ long-term corporate credit rating on the company.

In addition, S&P lowered its issue-level rating on Trident's unsecured notes to CCC+ from B- and revised its recovery rating on the notes downward to 3 from 2. A 3 recovery rating indicates an expectation of meaningful (50%-70%) recovery in a default scenario.

"The outlook revision reflects our expectation that the recent financing of Trident's two secured debt facilities totaling C$180 million and its approximately C$105 million planned asset sale, expected to close in April 2014, have improved the company's liquidity and provided increased cushion under the new covenants," S&P credit analyst Aniki Saha-Yannopoulos said in a news release.

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