Fitch downgrades Transocean to B+

Fitch Ratings said it downgraded Transocean Inc. and its affiliate's long-term issuer default rating to B+ from BB.

The outlook remains negative.

Fitch said the downgrade reflects lower than previously expected E&P capital spending and offshore rig tendering activity, as well as the agency’s extended offshore driller recovery profile assumption. These assumptions result in forecasted metrics remaining above Fitch through-the-cycle levels for a BB category credit over the rating horizon.

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