S&P lowers Weatherford, debt to BB+

Standard & Poor's said it lowered its long-term corporate credit and unsecured debt ratings on Weatherford International Ltd. to BB+ from BBB-.

The outlook is stable.

At the same time, the agency lowered the short-term corporate credit and commercial paper ratings on the company to B from A-3 and assigned a 3 recovering rating to the unsecured debt, indicating an expectation for meaningful (50% to 70%) recovery to creditors in the event of a payment default.

"Given our expectations for a more prolonged oil price recovery and our assumption of double-digit drop in oil and gas exploration and production spending next year, we lowered our revenue and EBITDA estimates for diversified oilfield services provider Weatherford International Ltd.," S&P credit analyst Carin Dehne-Kiley said in a news release.

© 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.