Moody's boosts McDermott

Moody's Investors Service said it upgraded the corporate family ratings of both McDermott International Inc. and J Ray McDermott, SA to Ba2 from Ba3 and upgraded their probability of default ratings to Ba3 from B1.

At the same time, Moody's said it upgraded the universal shelf rating of McDermott to B2 from B3 and upgraded the senior unsecured revenue bonds backed by McDermott Inc. to B1 from B2.

Finally, Moody's said it confirmed the Ba2 senior secured debt rating of J Ray McDermott and the Baa3 senior secured rating of Babcock and Wilcox Power Generation Group, Inc.

The outlook is positive.

The agency noted that the upgrade of McDermott and J Ray McDermott's corporate family ratings with positive outlooks reflects Moody's expectation that end market demand for the companies' respective business segments are likely to remain favorable into the medium term.

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