S&P cuts Weatherford International

S&P said it lowered the issuer credit and senior unsecured ratings on Weatherford International plc to CCC from CCC+ and senior secured ratings to B- from B.

The outlook is negative.

“Weatherford announced it is looking at options to lower debt and improve liquidity. As a result, we lowered the issuer credit rating to CCC from CCC+ to reflect the potential Weatherford could pursue a deleveraging transaction or restructuring we would view as distressed and a default,” S&P said in a news release.

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