S&P lifts Ocean Rig, rates loan B

S&P said it raised its long-term corporate credit rating on Ocean Rig UDW Inc. to B- from D and assigned a B rating to the new $450 million senior secured term loan due in 2024.

The recovery rating is 2, indicating an expectation of very high recovery prospects (70%-90%; rounded estimate: 85%) in the event of a payment default.

The outlook is stable.

“With the restructuring completed, Ocean Rig is now well positioned to face the turbulent market conditions in offshore drilling and the consequent poor operating and financial performance that we anticipate for all players in the segment over the next couple of years,” the agency said in a news release.

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