The Wall Street Journal: Moody’s Cuts Deer Park Refining L-T Rating To A2
“The long-term rating downgrade primarily reflects the impact of Moody’s downgrade in May 2004 of Deer Park’s 50% owner, Shell Oil Company”
DOW JONES NEWSWIRES
July 30, 2004 5:48 p.m.
Posted 31 July 04
The following is a press release from Moody’s Investors Service:
New York, July 30, 2004 — Moody’s Investors Service downgraded Deer Park Refining L.P.’s (Deer Park) long-term debt to A2 from A1 and confirmed the company’s Prime-1 commercial paper rating. The rating outlook is stable. Deer Park is a refinery project joint-venture owned 50% by Shell Oil Company and 50% by P.M.I. Norteamerica, a subsidiary of Petroleo Mexicano (PEMEX, rated Baa1 foreign currency). It is financed on a non-recourse basis to its owners. The long-term rating downgrade primarily reflects the impact of Moody’s downgrade in May 2004 of Deer Park’s 50% owner, Shell Oil Company to Aa2 from Aa1.
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