Moody's may raise McDermott, units

Moody's Investors Service said it placed the ratings of McDermott International Inc., McDermott Inc. and J. Ray McDermott SA under review for possible upgrade.

Ratings placed under review include the medium-term notes of McDermott Inc. rated B3, J. Ray McDermott SA's senior secured notes rated Caa1 and the corporate family rating of Caa1.

Moody's said the rating review reflects: (1) the recently announced revisions to the proposed settlement agreement filed in the Chapter 11 proceedings involving the Babcock & Wilcox Co. and (2) the significantly improved operating performance and liquidity profile at J. Ray McDermott.

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