Energy Finance

In order to coordinate its ratings system with its colleagues at CLSA, the Calyon Securities (USA) Equity Research department is changing its oil and gas exploration ratings system. The new ratings system recommendation methodology will change from an absolute system to a relative system based on the local market (S&P 500).

Key to new Calyon Securities (USA) ratings system:
BUY = Expected to outperform the local market by >10%
Outperform (O-PF) = Expected to outperform the local market by 0-10%
Underperform (U-PF) = Expected to underperform the local market by 0-10%
SELL = Expected to underperform the local market by >10%. Performance is defined as 12-month total return

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