S&P lowers Tuscany International Drilling

Standard & Poor's said it lowered the long-term corporate credit rating on Tuscany International Drilling Inc. to B- from B.

The agency also said it placed the ratings on CreditWatch with negative implications.

The actions reflect the company's highly leveraged financial risk profile and weak liquidity, S&P said.

"Tuscany is facing weaker business conditions that in our view could continue at least for the next six months," said Fabiola Ortiz, an S&P analyst.

"Moreover, weaker cash-flow prospects are hurting the company's liquidity position and we believe that refinancing risk has increased, amid an increasing debt amortization profile," Ortiz said in a press release.

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