Fitch upgrades Pride International

Fitch Ratings said it raised Pride International Inc.'s issuer default rating to BB from BB-, senior secured revolving credit facility to BBB- from BBB+, senior unsecured notes to BB from BB- and convertible senior notes to BB from BB-.

The outlook is stable.

Fitch said the upgrade reflects Pride's commitment to deleveraging the balance sheet and the execution on that commitment since Fitch raised the outlook to positive in May 2005.

Total balance sheet debt was $1.08 billion as of June 30. With unrestricted cash balances of $100.9 million, this is the first time since 1998 that net debt has fallen below $1 billion, the agency said. Debt to EBITDA was 2.3x.

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