S&P cuts Weatherford outlook to negative

Standard & Poor's said it revised its outlook on Weatherford International Ltd. to negative from stable.

At the same time, the agency said it lowered its short-term rating on the company to A-3 from A-2.

It has also affirmed the BBB long-term corporate credit rating.

"The rating actions reflect the potential that the company's credit metrics will not return to acceptable levels given its concern about the company's end markets going into 2011. While the company's sequential credit metrics have improved over the last few quarters, they still remain aggressive with total debt to trailing 12-month EBITDA at 3.9x at the end of June 30, 2010," said S&P credit analyst Lawrence Wilkinson.

© 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.