S&P Downgrades Suncor to Just Above Junk as Oil Prices Weaken

Bloomberg2024-12-21

(Bloomberg) -- Canadian oil company Suncor Energy Inc’s long-term credit rating was cut one notch to a step above junk by S&P Global Ratings, as lower energy prices threaten the energy firm’s revenue....

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2493047216?lang=en_US&edition=fundamental","thumbnail":"https://www.bnnbloomberg.ca/resizer/v2/3O2VAZXJQBEDAGD2P4ZSTIXVSM.jpg?smart=true&auth=fe56a013cb5570475dfdd72bcad3af86cf09302ed4930272d67a871198af2405&width=500&height=333","is_english":true,"pubTime":"2024-12-21 03:07","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2493047216","market":"nz","top_or_hot":-1,"title":"S&P Downgrades Suncor to Just Above Junk as Oil Prices Weaken","media":"Bloomberg","content":"<div>\n<p>(Bloomberg) -- Canadian oil company Suncor Energy Inc’s long-term credit rating was cut one notch to a step above junk by S&P Global Ratings, as lower energy prices threaten the energy firm’s revenue....</p>\n\n<a href=\"https://www.bnnbloomberg.ca/investing/2024/12/20/sp-downgrades-suncor-to-just-above-junk-as-oil-prices-weaken/\">Source Link</a>\n\n</div>\n","source":"bnn_bloomberg_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P Downgrades Suncor to Just Above Junk as Oil Prices Weaken</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P Downgrades Suncor to Just Above Junk as Oil Prices Weaken\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-21 03:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bnnbloomberg.ca/investing/2024/12/20/sp-downgrades-suncor-to-just-above-junk-as-oil-prices-weaken/><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Canadian oil company Suncor Energy Inc’s long-term credit rating was cut one notch to a step above junk by S&P Global Ratings, as lower energy prices threaten the energy firm’s revenue....</p>\n\n<a href=\"https://www.bnnbloomberg.ca/investing/2024/12/20/sp-downgrades-suncor-to-just-above-junk-as-oil-prices-weaken/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SU","symbol_name":"森科能源","start_time":0,"source_url":"https://www.bnnbloomberg.ca/investing/2024/12/20/sp-downgrades-suncor-to-just-above-junk-as-oil-prices-weaken/","article_id":"2493047216","we_media_id":null,"thumbnails":["https://www.bnnbloomberg.ca/resizer/v2/3O2VAZXJQBEDAGD2P4ZSTIXVSM.jpg?smart=true&auth=fe56a013cb5570475dfdd72bcad3af86cf09302ed4930272d67a871198af2405&width=500&height=333"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2493047216","pubTimestamp":1734721662,"columns":[],"sourceInfo":{"source_id":"bnn_bloomberg_highlight","name":"Bloomberg"},"weMediaInfo":null,"summary":"Canadian oil company Suncor Energy Inc’s long-term credit rating was cut one notch to a step above junk by S&P Global Ratings, as lower energy prices threaten the energy firm’s revenue.","collect":0,"end_time":0,"defaultTopTitle":"bnnbloomberg.ca","property":["rate"],"viewcount":null,"language":"en","relate_stocks":{"SU":"森科能源"},"translate_title":"随着油价走软，标普将森科尔评级下调至略高于垃圾级","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SU":1},"content_text":"(Bloomberg) -- Canadian oil company Suncor Energy Inc’s long-term credit rating was cut one notch to a step above junk by S&P Global Ratings, as lower energy prices threaten the energy firm’s revenue.Suncor’s revenue will probably decline about 10% next year, hurt by lower oil prices and subdued refining profits, S&P said in a statement. The company also faces relatively large future costs associated with retiring oilsands operations when they reach the end of their lives, known as asset retirement obligations. Those liabilities will play out over years, but were about C$9.1 billion ($6.27 billion) as of the end of 2023, according to S&P, on a discounted basis and after taxes. Combining the obligations with the company’s conventional debt “significantly weakens Suncor’s credit ratios relative to peers,” S&P said. S&P cut Suncor to BBB-. Moody’s Ratings grades the company at Baa1, or two notches higher. Fitch’s rating of BBB+ is equivalent to the Moody’s level.     ©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"economic","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2493047216"}