Fitch affirms Pride

Fitch Ratings said it affirmed Pride International Inc.'s issuer default rating, senior unsecured debt and senior convertible notes at BB and its senior secured bank facility at BBB-.

The outlook is stable.

The agency said Pride's ratings reflect the significant improvement the company has made in reducing debt and capitalizing on the strong offshore drilling environment to sell non-core assets and refocus the company as an offshore drilling contractor with a focus on deepwater assets.

For the last 12 months LTM ended June 30, the debt-to-EBITDA ratio was 1.3x.

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