S&P puts Eurasia Drilling on watch

Standard & Poor’s said it placed on CreditWatch with negative implications its BB+ long-term corporate credit rating and ruAA+ Russia national scale rating on Eurasia Drilling Co.

At the same time, S&P affirmed the B short-term corporate credit rating. S&P also placed the issue rating of BB+ on CreditWatch negative.

“The CreditWatch placement reflects our view that EDC’s potential share buyback could lead to deterioration of the company’s metrics and weaker liquidity. We understand that there is uncertainty regarding the financing of the transaction and its potential impact on EDC’s metrics,” S&P said in a news release.

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