Moody's affirms McDermott

Moody's Investors Service said it affirmed McDermott International Inc.'s Ba1 corporate family rating, Ba2 probability of default rating and Baa3 senior secured bank facility rating.

The outlook remains stable.

The affirmation reflects the company's strong balance sheet and favorable operating track record, which provide it with the capacity to absorb an expected increase in business and financial risks, Moody's said.

The ratings are constrained by the company's offshore engineering and construction industry, which is highly competitive and cyclical, the agency said.

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