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An oil drilling rig operates outside Watford, N.D., Oct. 20, 2012.
An oil drilling rig operates outside Watford, N.D., Oct. 20, 2012.
(JIM URQUHART/REUTERS)

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Another resource name turns to high-yield debt

You can add natural gas producer Paramount Resources Ltd. to the growing list of Canadian resource companies who are tapping the high-yield market.

On Thursday both Standard & Poor’s and Moody’s Investors Services issued rating notices about Paramount’s proposed $250-million issue, which will go toward funding what Moody’s described as a “sizeable negative cash flow.”