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S&P shifts Oceaneering view to stable
S&P said it revised Oceaneering International Inc.’s outlook to stable from negative, citing targeted cost-cutting initiatives and free operating cash flow.
“We are revising our outlook to stable from negative based on our expectation that Oceaneering will modestly improve leverage metrics over the next 12-24 months and generate positive FOCF. We expect funds from operations (FFO) to debt to average about 20%,” the agency said in a press release.
S&P also affirmed the B+ ratings on Oceaneering and its senior unsecured notes. The 3 recovery rating on the notes is unchanged.
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