Moody's upgrades Diamond Offshore to A3

Moody's Investors Service said it upgraded Diamond Offshore Drilling, Inc.'s senior unsecured ratings to A3 from Baa1.

The outlook is stable.

"Upon completion of its new drillships, Diamond will have a competitive ultradeepwater and deepwater drilling rig fleet but with much lower debt levels than its Baa1 rated peers," commented Pete Speer, Moody's vice-president, in a news release. "The upgrade to A3 is based on our expectation that Diamond will maintain its stronger financial profile relative to its peers as it funds its fleet expansion."

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