Moody's rates KCA Deutag B3

Moody's Investors Service said that it assigned a B3 corporate family rating and Caa1 probability of default rating to KCA Deutag Alpha Ltd.

Moody's said it has withdrawn the Caa1 corporate family and Caa2 probability of default rating from KCA Deutag Alpha II Ltd and at the same time confirmed the B3 rating on KCA Deutag's senior credit facilities.

The outlook is positive.

Moody's said the ratings upgrade follows the March 30 completion of a restructuring, including equitizing mezzanine debt as well as the injection of $550 million of new equity into the group, of which $300 million was used to pay down senior debt. The ratings and outlook also reflect the increase in assets following the acquisition of Global Tender Barges Pte Ltd. in August.

© 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.