S&P cuts Odebrecht Offshore notes to B

Standard & Poor's said it lowered its rating on Odebrecht Offshore Drilling Finance Ltd.’s senior secured notes to B from B+.

The rating remains on CreditWatch negative.

S&P said the downgrade reflects its belief that Odebrecht’s financial performance will continue to lag below previous expectations, resulting in lower cash flow available for debt service in the upcoming years in light of the recent termination of one of its charter and service contracts.

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