Fitch lowers Offshore Drilling, notes

Fitch Ratings said it downgraded Offshore Drilling Holding, SA's (ODH) foreign and local currency issuer default ratings to B+ from BB- and placed the ratings on Negative Rating Watch.

The agency also downgraded the $950 million of senior secured notes due 2020 to BB- from BB.

Fitch is assigning an RR3 recovery rating to the international notes. The RR3 for the outstanding senior secured notes reflects a good expected recovery given default.

The actions reflect the heightened exposure of the company to contract rollover risk and pricing risk as a result of current depressed market conditions, the agency said.

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