S&P: Atwood view to positive

Standard & Poor's said it revised its rating outlook on Atwood Oceanics Inc. to positive from stable and affirmed its BB corporate credit rating and debt rating on the company.

The recovery ratings on the company's senior unsecured notes remain unchanged at 3, indicating an expectation for meaningful (50% to 70%) recovery in the event of a payment default.

S&P said the positive outlook reflects the likelihood of an upgrade if Atwood successfully expands its operating cash flow, fleet size and fleet diversification while keeping a strong contract backlog and debt to EBITDA below 3x.

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