Moody’s rates Weatherford notes Caa1

Moody's Investors Service said it assigned a Caa1 rating to Weatherford International Ltd.'s (Weatherford Bermuda) proposed $500 million senior unsecured notes.

The outlook remains negative.

Proceeds will be used to repay debt outstanding under its revolving credit facility.

"Weatherford's proposed bond issuance will modestly improve the company's liquidity profile, with increased availability under its revolving credit facility and more covenant compliance headroom," Moody's vice president Gretchen French said in a news release.

"However, the company's elevated debt levels remain unchanged."

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