S&P affirms GlobalSantaFe

Standard & Poor's said it affirmed its A- corporate credit rating on GlobalSantaFe Corp.

At the same time, the outlook on the GlobalSantaFe was revised to stable from positive.

The outlook revision reflects S&P's assessment that the company's credit profile and near-term prospects are consistent with the current rating, as a result of the company's significantly more aggressive dividend policy.

The ratings on GlobalSantaFe reflect the company's strong business profile and modest financial profile as a petroleum contract driller with a large, sophisticated and internationally deployed fleet of 61 marine drilling rigs and conservative capitalization, S&P said, noting somewhat offsetting these strengths is the deeply cyclical nature of offshore drilling markets.

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