Fitch assigns Nabors negative view

Fitch Ratings said it removed the ratings watch negative on Nabors Industries Ltd. and Nabors Industries Inc. and assigned a negative outlook.

“The removal of the rating watch negative reflects the improved stock price and reduced risk of the potential put of the senior exchangeable notes in the near term. The Negative Outlook reflects weak conditions in the drilling sector that could have an extended duration, concerns regarding accessing capital markets, and the pending maturing wall,” Fitch said in a press release.

Fitch also affirmed the companies’ issuer ratings and unsecured guaranteed notes at B-, as well as the revolver at BB-/RR1 and the senior unsecured notes at CCC/RR6. The unsecured guaranteed notes’ recovery rating of RR4 is also unchanged.

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