S&P affirms Eurasia Drilling

S&P said it affirmed its BB+ issuer credit rating on Eurasia Drilling Co.

The outlook is stable.

The agency also affirmed the B short-term rating and the BB+ issue rating on the senior unsecured debt.

The agency said the affirmation follows the revision of its risk assessment for the contract drilling industry and reflects that despite higher-than-previously considered industry risk, the rating continues to reflect Eurasia Drilling’s leading position in the Russian drilling market with more than 5.5 million meters drilled and EBITDA of roughly $540 million in 2017.

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