S&P reviews Odebrecht Offshore notes

Standard & Poor's said it affirmed its B+ rating on Odebrecht Offshore Drilling Finance Ltd.'s (OODFL) senior secured notes and placed them on CreditWatch with negative implications.

S&P said the CreditWatch Negative reflects the risk of an event of default after (according to a communication from Odebrecht) Petrobras notified the operator that it has the right to early terminate the service and charter agreements of the drillship ODN Tay IV. ODN Tay IV has stopped providing services for more than 60 days.

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