S&P: Ratings Put On CreditWatch.......negative on liquidity and covenant concerns.
Abstract: We view OPTI Canada Inc.'s current liquidity position as constrained and believe it has limited ability to fund its share of Long Lake project costs for the balance of the year. We are placing the ratings on CreditWatch with negative implications. The CreditWatch will likely be resolved following receipt of second-quarter bitumen production at Long Lake, a resolution regarding the proposed equity issuance, and the outcome of talks regarding possible covenant relief with its lenders. On June 26, 2009, Standard&Poor's Ratings Services placed its 'B-' long-term corporate credit, 'B+' secured revolving credit facility, and 'B' senior secured debt ratings on Calgary, Alta.-based OPTI Canada Inc. on CreditWatch with negative implications.