Moody's reviews KCA Deutag

Moody's Investors Service said it continues to maintain the review for downgrade on all ratings of Turbo Beta plc, the indirect parent company of KCA Deutag Drilling Group Ltd., and Turbo Alpha Ltd., the holding company of KCA Deutag, pending clarification of the company's financial situation.

KCA Deutag recently announced that it had executed an agreement with its senior lenders to defer covenant tests to March 31 from Nov. 14 and for those lenders to provide the additional funding to support the company's capital expenditure plan during this period.

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