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S&P lowered rating on East Cameron Gas Co (Sukuk) 2006

Mon, 2009-01-19 08:29 — IslamicFinance.de

Reuters published the release of Standard & Poor's Ratings Services on 14 January regarding the downgrading of East Cameron Gas Co.'s USD 165.67 mn Sukuk series 2006 to 'CC' from 'CCC+' and placed it on CreditWatch with negative implications. The downgrade reflects the negative impact caused by shortfall enforcement event on the overriding royalty interest in oil and gas reserves (ORRI), which is the primary collateral for the Sukuk.

Source: 

http://uk.reuters.com/article/oilRpt/idUKN1447583720090114