Moody’s drops Oceaneering to Ba2

Moody's Investors Service said it downgraded Oceaneering International Inc.’s corporate family and probability of default ratings to Ba2 from Ba1 and to Ba2-PD from Ba1-PD, respectively.

“Oceaneering will have high financial leverage over a longer time horizon than our previous expectations due to continued volatility in oil prices and a slow recovery in offshore markets globally. Although Oceaneering's operating environment will likely remain challenged, the company's sizable cash balance should continue to lend support and flexibility in navigating the protracted industry recovery,” said Sajjad Alam, Moody's senior analyst, in a news release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.