Moody's ups Pride outlook to positive

Moody's Investors Service said it changed the outlook of Pride International, Inc. to positive from stable.

Moody's said it also affirmed Pride's Ba1 corporate family rating and probability of default rating, the Ba2 (LGD 5, 74% changed from 71%) rating on the company's $500 million senior unsecured notes due 2014 and the Baa2 (LGD 2, 16% changed from 13%) rating on its $500 million senior secured credit facility.

"The positive outlook recognizes the substantial progress Pride has made in focusing its asset base and improving its offshore drilling fleet while also paying down debt," commented Pete Speer, Moody's vice president.

"Pride's contract backlog also provides cash flow visibility for funding the construction of its four deepwater drillships, which will further strengthen the quality of its fleet."

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