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Gold/Mining/Energy : Panaco Corp (PANA) -- Ignore unavailable to you. Want to Upgrade?

To: Author51 who wrote (20)	11/17/1999 10:30:00 AM
From: Author51	Read Replies (1) \| Respond to of 115

Panaco--Stock of the Month!! by: Psychopop (48/M/Bradley Beach, NJ) 11/17/1999 10:23 am EST Msg: 405 of 405 Standard & Poor's Raises Panaco Debt Ratings!!!!! Ready to GO!!! [PANA] Pop's Picks psychopop@freerealtime.com S&P raises Panaco debt ratings ( PRESS RELEASE PROVIDED BY STANDARD & POOR'S ) NEW YORK, Nov. 16 - Standard & Poor's today raised its corporate credit rating on Panaco Inc. to triple-'C'-plus from triple-'C'-minus and its unsecured debt rating on the company to triple-'C' from triple-'C'-minus. Furthermore, Standard & Poor's raised its bank loan rating on the company to single-'B'-minus from triple-'C'. The ratings are removed from CreditWatch where they were placed on Dec. 10, 1998. The current outlook is stable. The rating action is a result of Panaco's newly acquired bank credit agreement which will provide the company with the means to terminate its existing bank facility, under which it has drawn $25 million. In addition, the new bank agreement will allow Panaco to fund a portion of its remaining 1999 capital spending budget. When combined with sustained higher prices for oil and natural gas, the additional liquidity should contribute to the strengthening of Panaco's credit profile moving forward. home.earthlink.net~jstonemusic/psycho2/ps01000.htm