Moody's: Sidewinder notes B3

Moody's Investors Service said it assigned a B3 rating to Sidewinder Drilling Inc.'s proposed $225 million senior notes due 2019

The agency said it also assigned a B3 corporate family rating. The outlook is stable.

"Sidewinder's B3 corporate family rating reflects its small scale and limited operational history as a land drilling rig company operating in the highly cyclical North American land drilling sector subject to volatile oil and gas prices and capital spending by upstream companies," said Michael Somogyi, Moody's vice president - senior analyst, in a news release.

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