Moody’s downgrades Seadrill Partners

Moody’s Investors Service said it downgraded Seadrill Partners LLC’s probability of default rating to D-PD from C-PD/LD following the company’s announcement it filed for protection under Chapter 11 of the U.S. Bankruptcy Code.

Concurrently, Moody’s affirmed the Ca corporate family rating, the super senior secured term loan rating of B3 and the guaranteed senior term loan B rating of Ca, both issued by Seadrill Operating LP, a subsidiary of SDLP. The agency changed the outlook to stable from negative.

“The company has been in negotiations with its lenders regarding the implementation of a consensual capital restructuring, and it expects to emerge from bankruptcy in spring 2021,” Moody’s said in a press release.

The agency said it plans to withdraw its Seadrill ratings soon.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.