Wow, S&P report is like reading my own posts in last two months. Next time I have to get a Copy Rights. I hope that by now some posters understand my concerns on this matter.

CLL share price is holding very well. IMO this has been widely expected and reflected in the CLL SP.

Question to some pros on the board: Who is first in line for the compensation? Convertible Debenture holders or Notes holders?

From the S&P reports:

"Our decision to lower the ratings on Connacher reflects the company's
inability to generate positive free operating cash flow at current oil prices
after servicing its large interest obligations and funding it capital program;
and concerns with the rate at which available cash and liquidity will be
depleted to sustain operations,"

 "Connacher remains on CreditWatch as we have concerns regarding 
the covenants in its existing credit facility and, specifically the requirement that its
consolidated interest coverage ratio be no less than 1.5x beginning March
2009."