Moody's raises Oceaneering

Moody's Investors Service said it upgraded Oceaneering International, Inc.'s corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD, and speculative grade liquidity rating to SGL-1 from SGL-2.

The agency affirmed the B1 rating on the senior unsecured notes. Moody's concurrently withdrew the rating on the unsecured revolving credit facility that was recently replaced with a new, unrated secured revolver. The outlook was changed to stable from positive.

"The upgrade reflects our view that the company will have greater capacity to improve earnings, further reduce debt, and strengthen its overall credit profile through 2023 in an elevated oil and gas price environment that should encourage more upstream capital spending in offshore markets," said Sajjad Alam, a Moody's vice president, in a press release.

"Oceaneering also improved its liquidity by obtaining a new revolving credit facility, although it being secured kept the senior notes rating at B1," Alam added.

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