Nothing unexpected We knew the div was to be cut, the debt covenants are in no danger of being breached for the foreseeable future , at least longer than the attention span of some investors.senior notes not due until 2019 ! Credit facilities in place until 2018
heres the positive news
COS is in a strong financial position with net debt of approximately $1.9 billion at December 31, 2014, representing long-term debt-to-total capitalization of 30 per cent. With a long-term debt-to-total capitalization covenant of 55 per cent, a significant increase in debt or decrease in equity would be required to negatively impact our financial flexibility. Our earliest Senior Note maturity is in 2019 and COS has about $1.4 billion of unutilized credit facilities, which mature in 2018. With the cost and dividend reductions announced to date, COS has sufficient liquidity and balance sheet strength. - See more at: https://www.cdnoilsands.com/Media-Centre/PressReleaseDetails/2015/Canadian-Oil-Sands-Announces-Fourth-Quarter-Results-005-per-Share-Dividend-and-Cost-Reductions-at-Syncrude/default.aspx#.dpuf