Moody's affirms Allis-Chalmers

Moody's Investors Service said it affirmed the ratings for Allis-Chalmers Energy Inc., following the company's announcement that it has terminated its proposed merger with Bronco Drilling Co., Inc. (not rated).

The agency said that ratings affirmed are Allis-Chalmers' B2 corporate family rating, B2 Probability of default rating and B2 (LGD 4, changed to 57% from 55%) senior unsecured note ratings.

At the same time, Moody's said it withdrew the B2 (LGD 4, 55%) rating assigned to the company's proposed $350 million senior unsecured notes.

The outlook remains positive.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.