Moody's upgrades Ausdrill

Moody's Investors Service said it upgraded the corporate family rating of Ausdrill Ltd. to Ba2 from Ba3.

The agency also said it upgraded the rating on the senior unsecured notes issued by Ausdrill Finance Pty Ltd., and guaranteed by Ausdrill, to Ba2 from Ba3.

The outlook is stable.

The upgrade concludes a review of Ausdrill's rating that began in August when Ausdrill announced the acquisition of Barminco Holdings Pty Ltd., Moody's said.

The upgrades follow Ausdrill's completion of the acquisition, the agency said.

The upgrades reflect Ausdrill's significantly improved credit profile as a result of the acquisition and its debt-reduction plans, Moody's said.

The acquisition has strengthened Ausdrill's business profile in terms of increased scale, product offerings and geographic diversity, the agency said.

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