TEXT-S&P may cut OPTI Canada ratings

(The following statement was released by the rating agency)

Nov 7 - Standard & Poor's Ratings Services today said it placed its 'BB-'
long-term corporate credit, 'BB+' secured term loan, and 'BB+' secured
revolving credit facility ratings on Calgary, Alta.-based OPTI Canada OPC.TO
Inc. on CreditWatch with negative implications. This follows a review of OPTI's
tight liquidity situation and concerns regarding execution risk in bringing the
upgrader online. The recovery rating of '1' on the term loans and revolving
credit facility is unchanged.

"The CreditWatch placement reflects OPTI's weak liquidity position and
very real risk of violating its covenants on its revolving credit facilities
should there be start-up problems with the upgrader or bitumen production does
not ramp up to expected levels in first-quarter 2009," said Standard & Poor's
credit analyst Jamie Koutsoukis. "Under this scenario, a downgrade is highly
likely," Ms. Koutsoukis added.

The ratings on OPTI reflect the company's high leverage, constrained
liquidity, expected weak coverage metrics; and the Long Lake project's
execution risk. Somewhat mitigating these constraints are the above-average
reserve life index of its oil sands leases; an expected stable production
profile with negligible finding costs; and the forecast competitive netbacks
and reduced natural gas fuel requirements associated with the patented OrCrude
upgrading process.

We will resolve the CreditWatch when we have greater clarity regarding
the upgrader's startup and operating viability, and OPTI's ability to meet its
interest and borrowing commitments. Should there be problems with the upgrader
or OPTI's ability to service its debt commitments becomes further strained, we
will lower the ratings.

Complete ratings information is available to subscribers of
RatingsDirect, the real-time Web-based source for Standard & Poor's credit
ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings
affected by this rating action can be found on Standard & Poor's public Web
site at www.standardandpoors.com; select your preferred country or region,
then Ratings in the left navigation bar, followed by Credit Ratings Search.
(New York Ratings Team)