S&P puts McDermott on negative watch

Standard & Poor's said it placed its ratings on McDermott International Inc. and subsidiary J. Ray McDermott SA, including the BB+ corporate credit rating, on CreditWatch with negative implications.

At the same time, S&P affirmed the ratings on subsidiaries McDermott Inc. and the Babcock & Wilcox Power Generation Group Inc., including the BB+ corporate credit ratings.

The outlook on these subsidiaries remains positive.

The CreditWatch placement follows McDermott International's announcement that it plans to separate its operating subsidiaries, the Babcock & Wilcox and J. Ray McDermott, into two independent, publicly traded companies.

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