Moody's changes Nabors' view to positive

Moody's Investors Service said it changed the outlook of Nabors Industries Ltd. and its wholly owned subsidiary Nabors Industries, Inc. (NII) to positive from negative.

Moody's concurrently affirmed the company's B3 corporate family rating and B3-PD probability of default rating, as well as the Caa1 rating on Nabors' guaranteed senior unsecured notes, the B3 rating on NII's senior priority guaranteed notes due 2025 and the Caa2 rating on NII's senior unsecured notes.

The Speculative Grade Liquidity rating remained unchanged at SGL-3.

“The positive outlook reflects our expectation that Nabors will continue to make progress towards its goal of reducing debt and extending maturities as global drilling activity gradually improves through 2022,” said Sajjad Alam, Moody's senior analyst, in a news release.

“The company should be able to repay at least $220 million of debt in 2021 with free cash flow and asset sales proceeds, and does not have any material debt maturities until 2023.”

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