Moody’s revises KCA Deutag to stable

Moody's Investors Service said it affirmed the B3 corporate family rating and B3-PD probability of default rating of KCA Deutag Alpha Ltd.

The agency also affirmed the B3 ratings on the revolving credit facility and term loan at KCA Deutag, the senior secured notes at Globe Luxembourg SCA and the senior secured notes at KCA Deutag UK Finance plc.

The outlooks were changed to stable from positive.

Moody’s said the outlook change reflects the high level of uncertainty that currently prevails across the oil industry. In response to the sharp drop in crude oil prices, oil companies have announced substantial spending cuts and cost reduction measures, which are likely to put pressure on KCA Deutag's revenues and profitability.

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