High oil and gas prices enhancing credit quality

The ‘war premium’ is propping up oil and gas prices and oil firms’ balance sheets. But debt levels and quality of assets are still king. Catherine Lacoursière reports

The energy industry has withstood a record number of credit downgrades in the past year, and yet oil companies seem to be eluding credit rating agency scrutiny. This oversight can be attributed to stronger-than-expected oil and natural gas prices. If energy prices fall, however, oil industry credit ratings are likely to follow suit.

The primary target of the downgrades has been a debt-laden power industry, weakened by the Enron bankruptcy and the California energy crisis. “We haven’t had a lot

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