Moody's: McDermott, J Ray outlook developing

Moody's Investors Service said it affirmed McDermott International, Inc. and J Ray McDermott, SA's Ba2 corporate family and probability-of-default ratings.

J Ray's Ba2 senior secured debt rating (LGD2, 28% from 29%) and the Baa3 senior secured rating (LGD1, 09% from 08%) of Babcock & Wilcox Power Generation Group Inc. were also affirmed.

The outlook was changed to developing from positive.

Moody's said the action follows plans to spin off subsidiary Babcock & Wilcox Co.

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