S&P puts McDermott International, unit on positive watch

Standard & Poor's said it placed its B- corporate credit rating on McDermott International Inc. and its CCC+ corporate credit rating on subsidiary J. Ray McDermott on CreditWatch with positive implications.

At J. Ray McDermott, the rating action reflects the company's improved liquidity and operating performance. At McDermott International, the rating action reflects the improved cash flow generation at J. Ray McDermott and the prospects of McDermott International's Babcock & Wilcox subsidiary emerging from bankruptcy.

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