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Moody's: Weatherford outlook negative
Moody's Investors Services said it affirmed Weatherford International Ltd.'s Baa1 long-term debt and Prime-2 commercial paper ratings and changed the outlook to negative from stable.
The change in outlook reflects Weatherford's high financial leverage stemming from an aggressive growth profile and cyclically weak earnings, according to the agency.
Leverage rose to 3.8x debt to EBITDA, adjusted for operating leases and pensions, for the 12 months ending Sept. 30, which Moody's said is incompatible with Weatherford's Baa1 rating.
Weatherford's Baa1 rating is supported by its size and leading market positions, its geographic diversification and its numerous patented products and technologies, the agency said.
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