Moody’s cuts Athabasca Oil Sands to Ba3

Moody's Investors Service said it downgraded Athabasca Oil Sands Investments Inc.’s senior unsecured rating to Ba3 from Baa3 and assigned a stable outlook.

The debt of Athabasca Oil Sands is guaranteed by Canadian Oil Sands Ltd. (Ba3 stable) and its senior unsecured rating is equivalent to the senior unsecured rating of Canadian Oil Sands.

This action resolves the review for downgrade that was initiated on Dec. 16.

Athabasca Oil Sands’ Ba3 corporate family rating is based on a guarantee from Canadian Oil Sands. Canadian Oil Sands’ Ba3 corporate family rating reflects its stand-alone credit profile of B2 and implicit support from its parent, Suncor Energy Inc. for which the agency attributes two notches of rating uplift.

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