Cenovus Energy Inc. and Encana Corp. had their debt ratings lowered to junk by Moody’s Investors Service as a prolonged crude-price rout saps cash flows.
Moody’s cut the ratings of senior unsecured notes for both Canadian producers three steps to Ba2, or two levels below investment grade, from Baa2, according to separate statements Thursday. It also reaffirmed the Baa2 rating of Husky Energy Inc., keeping the Canadian producer’s debt investment grade.
