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Action items: S&P downgrades Freeport-McMoRan; Moody's upgrades AEP

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Action items: S&P downgrades Freeport-McMoRan; Moody's upgrades AEP

S&P Global Market Intelligence presents a periodicrundown of selected ratings actions on U.S.- and Canada-based energy companies.The changes, confined to upgrades, downgrades and changes in outlook, are listedby announcement date in reverse chronological order.


Sept. 28

S&P Global Ratings further lowered Freeport-McMoRan Inc.'s corporate credit rating to BB-from BB, but this time with a stable outlook. This is the second downgrade forFreeport this year. S&P Global Ratings lowered the company's corporatecredit rating to BB from BBB- in February, with a negative outlook.


S&P Global Ratings raised Drummond Co. Inc.'s credit outlook to stable due torises in seaborne coal prices in the second half of 2016. The analysts alsoincreased the outlook to stable from negative for Drummond.

Sept. 27

S&P Global Ratings downgraded Legacy Reserves LP on the prospect that thepartnership's borrowing base will be substantially reduced upon redeterminationin October. Legacy's corporate credit rating was lowered to CCC from B-. Itsrating outlook remains negative.


Fitch Ratings revised the ratings outlooks of and to negative fromstable. The rating agency cited higher leverage and business risk associatedwith DTE's proposed $1.3 billion purchase of Appalachian gas assets fromM3 Midstream LLC andVega Energy Partners Ltd.

Sept. 21

S&P Global Ratings raised Foresight Energy LP's corporate credit rating to B- fromD, following the company's recently concluded out-of-court restructuring "that resolvesall defaults associated with the sale of an equity to "

Sept. 20

Moody's downgraded Cloud Peak Energy Inc.'s corporate family rating to Caa2from B3, its probability of default rating to Caa2-PD from B3-PD, as well asthe ratings on senior unsecured notes to Ca from Caa1. Concurrently, the ratingagency assigned a Caa3 rating to the new second-lien secured notes of thecompany, reflecting Cloud Peak's claim on assets in the capital structurebehind its $400 million revolver.

Sept. 16

S&P Global Ratings upgraded the issuer credit ratings of andits subsidiaries to BBB+ from BBB following the company's announcement that ithas agreed to sellfour Midwest generating plants for about $2.2 billion.

S&P Global Ratings and S&P Global MarketIntelligence are owned by S&P Global Inc.