DBRS Finalizes Ratings of Crew Energy Inc. at B, Stable Trends

DBRS has today finalized its provisional rating of B on Crew Energy Inc.’s (Crew Energy or the Company) $150 million of 8.375% Senior Unsecured Notes due October 21, 2020 (the Notes, with a recovery rating of RR4), as well as the Company’s provisional Issuer Rating of B, both with Stable trends. DBRS originally assigned the provisional ratings on October 9, 2013 (see related press release).

The Notes will be direct senior unsecured obligations of Crew Energy and will rank equal in right of payment to all of Crew Energy’s existing and future senior indebtedness and senior in right of payment to any future subordinated indebtedness of the Company. DBRS understands that proceeds from the sale of the above-noted securities will be used for general corporate purposes, including non-permanent repayment of secured credit facility indebtedness.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodology is Rating Companies in the Oil and Gas Industry, which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.